- 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
* * *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
* * *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► [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.