Recourse

Term describing a type of loan. If a loan is with recourse, the lender has a general claim against the parent company if the collateral is insufficient to repay the debt. The New York Times Financial Glossary

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recourse re‧course [rɪˈkɔːs ǁ ˈriːkɔːrs] noun [uncountable]
1. something that you can use to help you in a difficult situation:

• Partnership holders often find they have little recourse (= not much can be done to help them ) when the value of their investment plummets.

• Individuals should have recourse to the same bankruptcy-law protection as businesses.

2. FINANCE the right of someone who has made a loan to take assets belonging to the borrower if the loan is not repaid, in addition to the asset on which the loan is secured:

• The finance company will often require the dealer to enter into a recourse agreement.

3. BANKING the right of someone who holds a bill of exchange that is not paid when it becomes due to claim payment from people who have signed the bill, unless the words `without recourse' have been written next to the signatures

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recourse UK US /rɪˈkɔːs/ US  /ˈrikɔːs/ noun
[U or S] help, usually in the form of an official system or process, for someone in a difficult situation: a recourse for sb »

The Ombudsman is a recourse for homeowners who feel let down by their estate agent.

»

At present, older workers have no legal recourse if they think they have suffered age discrimination.

have recourse to sth »

Not everyone has recourse to expensive professional advice.

sb's (only) recourse is to do sth »

Their only recourse is to file for an appeal before an administrative law judge.

without/with no recourse to »

We should be able to resolve these types of disputes without recourse to a public inquiry.

provide/seek recourse »

The Patients' Bill of Rights provides recourse for patients wishing to sue for damages.

[U] FINANCE, LAW the legal right of a lender to take assets belonging to the borrower in addition to the asset used to guarantee the loan, if the loan is not repaid: »

In a loan sale, a bank makes a loan and then sells the loan, without recourse, to a third party.

»

a recourse agreement/loan/debt

Compare NON-RECOURSE(Cf. non-recourse)
[U] FINANCE, LAW the legal right to demand payment from someone who has signed a cheque or bill of exchange if the money is not paid on the agreed date: »

The holder of the bill of exchange uses his or her right of recourse and submits the bill of exchange to someone connected with it.


Financial and business terms. 2012.

Synonyms:

Look at other dictionaries:

  • recourse — re·course / rē ˌkōrs, ri kōrs/ n 1 a: the act of turning to someone or something for assistance esp. in obtaining redress b: a means to a desired end esp. in the nature of a remedy or justice; also: the end itself 2: the right or ability to… …   Law dictionary

  • Recourse — Re*course (r?*k?rs ), n. [F. recours, L. recursus a running back, return, fr. recurrere, recursum, to run back. See {Recur}.] 1. A coursing back, or coursing again, along the line of a previous coursing; renewed course; return; retreat; recurence …   The Collaborative International Dictionary of English

  • recourse — [rē′kôrs΄, ri kôrs′] n. [ME recours < OFr < L recursus, a running back: see RE & COURSE] 1. a turning or seeking for aid, safety, etc. [to have recourse to the law] 2. that to which one turns seeking aid, safety, etc. [one s last recourse]… …   English World dictionary

  • recourse — ► NOUN 1) a source of help in a difficult situation. 2) (recourse to) the use of (someone or something) as a recourse. ORIGIN Latin recursus, from cursus course, running …   English terms dictionary

  • Recourse — Re*course , v. i. 1. To return; to recur. [Obs.] [1913 Webster] The flame departing and recoursing. Foxe. [1913 Webster] 2. To have recourse; to resort. [Obs.] Bp. Hacket. [1913 Webster] …   The Collaborative International Dictionary of English

  • recourse — (n.) late 14c., from O.Fr. recours (13c.), from L. recursus return, retreat, lit. a running back, from stem of pp. of recurrere run back, return (see RECUR (Cf. recur)) …   Etymology dictionary

  • recourse — [n] alternative aid, appeal, choice, expediency, expedient, help, makeshift, option, refuge, remedy, resort, resource, shift, stand by, stopgap, substitute, support, way out; concepts 693,712 …   New thesaurus

  • recourse — Recourse, Recursus …   Thresor de la langue françoyse

  • recourse — The right to seek repayment of debt. Usually used to describe the right to seek repayment from an originator or prior endorser who sold or assigned debt to another party. American Banker Glossary Term describing a type of loan. If a loan is with… …   Financial and business terms

  • recourse — noun (formal) ADJECTIVE ▪ constant, frequent ▪ limited (esp. BrE), little ▪ Drivers have little recourse but to wait until the weather clears. ▪ no other …   Collocations dictionary

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