What is the definition of Recourse loan? | Dictionary.net

RECOURSE LOAN

\ɹɪkˈɔːs lˈə͡ʊn], \ɹɪkˈɔːs lˈə‍ʊn], \ɹ_ɪ_k_ˈɔː_s l_ˈəʊ_n]\

Definitions of RECOURSE LOAN

1910 - Black's Law Dictionary (2nd edition)

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Loan agreement that a borrower gives an undertaking to repay a debt even if the funded asset cannot be liquidated to cover the loan amount. In case of default, the lender can seize the funded asset.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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