recourse

(rē'kôrs', -kōrs', rĭ-kôrs', -kōrs')
n.

1. The act or an instance of turning or applying to a person or thing for aid or security: have recourse to the courts.
2. One that is turned or applied to for aid or security: His only recourse was the police.
3. Law. The right to demand payment from the endorser of a commercial paper when the first party liable fails to pay.

[Middle English recours, from Old French, from Latin recursus, a running back, from past participle of recurrere, to run back : re-, re- + currere, to run.]

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Ability to compel payment. Under negotiable instruments law, recourse conveys the right to collect from a writer or endorser of a negotiable instrument, such as a check or draft. When an installment sales contract is sold to a bank on a recourse basis, the retailer takes full responsibility for the paper if default occurs. In commercial finance, where a lender purchases a merchant's accounts receivables, the finance company reserves the right to charge back any disputed invoices to the customer and debit the customer's account. In contrast, Factoring is done on a Nonrecourse basis; in other words, the factor buying the merchant's credit receivables makes the credit evaluation in advance and assumes all credit risk of nonpayment. See also Limited Recourse Finance; Nonrecourse Loan; With Full Recourse.

The ability of a lender to claim money from a borrower in default , in addition to the property pledged as collateral.
See personal liability. Contrast hold harmless clause, nonrecourse.


Example: Ross obtains a mortgage loan from Local Savings. Should Ross default on the loan, Local Savings may foreclose and force the sale of the mortgaged property. Should the sale fail to satisfy the unpaid loan principal , Local Savings has recourse to other assets of Ross.

Previous:	Recording Fee, Recording
Next:	Recovery Fund, Red Herring

noun

That to which one turns for help when in desperation: refuge, resort, resource. See help/harm/harmless.

This entry contains information applicable to United States law only.

The right of an individual who is holding a commercial paper, such as a check or promissory note, to receive payment on it from anyone who has signed it if the individual who originally made it is unable, or refuses, to tender payment.

Recourse is the right of the holder to recover against a prior endorser, who is secondarily liable. When a check is endorsed without recourse, it signifies that the endorser will not be liable to pay in the event that payment is refused.

A legal agreement by which the lender has the rights to pledged collateral in the event that the borrower is unable to satisfy debt obligation. Recourse refers to the legal right to collect.

Investopedia Says:

Recourse lending provides protection to lenders, as they are assured to have some sort of repayment - either cash or liquid assets. Companies that issue recourse debt have a lower coast of capital, as there is less underlying risk in lending to that firm.

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IN BRIEF: Turning to someone or something for help.

The victim's only recourse was to call the police and an attorney.

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  See crossword solutions for the clue Recourse.

Dansk (Danish)
n. - udvej, regres (jur.)

idioms:

• have recourse to    ty til, have som udvej
• without recourse    uden at kunne gøre ngt., uden at måtte benytte sig af

Nederlands (Dutch)
verhaalrecht (regres), toevlucht

Français (French)
n. - recours

idioms:

• have recourse to    avoir recours à
• without recourse    sans recours, sans recourir à

Deutsch (German)
n. - Zuflucht, Rückgriff, Regreß

idioms:

• have recourse to    bei jmdm./zu etw. Zuflucht nehmen
• without recourse    ohne Regreß(anspruch)

Ελληνική (Greek)
n. - προσφυγή, καταφυγή, καταφύγιο, διέξοδος, ένδικο μέσο

idioms:

• have recourse to    καταφεύγω ή προσφεύγω σε
• without recourse    (συναλλαγματική) με ανέξοδη επιστροφή

Italiano (Italian)
ricorso

idioms:

• have recourse to    far ricorso a, ricorrere
• without recourse    senza rivalsa

Português (Portuguese)
n. - apelação (f), recurso (m)

idioms:

• have recourse to    ter alternativa
• without recourse    sem alternativa

Русский (Russian)
прибежище, выход

idioms:

• have recourse to    обратиться
• without recourse    не прибегая (к)

Español (Spanish)
n. - recurso

idioms:

• have recourse to    recurrir a, apelar a, valerse de
• without recourse    sin recurso, sin recurrir a

Svenska (Swedish)
n. - tillflykt, utväg

中文（简体）(Chinese (Simplified))
求援, 追索权, 求助

idioms:

• have recourse to    求助于, 求援于
• without recourse    无追索权

中文（繁體）(Chinese (Traditional))
n. - 求援, 追索權, 求助

idioms:

• have recourse to    求助於, 求援於
• without recourse    無追索權

한국어 (Korean)
n. - 의지, 의뢰, 상환청구권

idioms:

• have recourse to    ~에 의지하다, ~을 쓰다
• without recourse    상환 청구에 응하지 않음, 소구 배제

日本語 (Japanese)
n. - 頼ること, 依頼, 頼みとするもの

idioms:

• have recourse to    …にたよる, 頼る, 助けを求める
• without recourse    頼らずに

العربيه (Arabic)
‏(الاسم) إلتجا, إستعانه‏

עברית (Hebrew)
n. - ‮סיוע, מפלט, מוצא‬

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