nonrecourse loan - a loan for which the sole source of satisfaction for default thereon is the property that was given as collateral. If the market value of such property does not offset the defaulted monetary debt, the debtor/trustor will have no personal liability for any shortfall. See also antideficiency laws.

© 2004 Bella Vista Publishing Company, Inc.  ISBN 0-9718225-0-6

.
	Copyright Protection:   This real estate web site is created in the United States of America and protected by copyright laws.  Permission should be obtained prior to any reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording or likewise.
.