without recourse - (1) in lending, a loan in which the security is limited to the collateral. If the borrower defaults, the lender may obtain the return of the collateral, but may not proceed further against the borrower. See also nonrecourse loan. (2) in a negotiable instrument, a qualified endorsement relieving the endorser of personal liability. For example, in the case of a third party check, an endorsement including the phrase "without recourse" is intended to prevent liability on the part of the endorser in the event that the check is dishonored.

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

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