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The right of recourse is a legal principle that allows a party to seek reimbursement or compensation from another party after fulfilling an obligation, typically in a contractual or financial context. For example, if a guarantor pays off a debt on behalf of a borrower, the guarantor may exercise their right of recourse to recover the amount paid from the borrower. This right can arise in various situations, such as insurance contracts, loans, and business agreements. It essentially ensures that the burden of a debt or liability can be shifted back to the original responsible party.
What else can I help you with?
What is no recourse?
"No Recourse" means there is no positive legal action available. It is the lack of the right to obtain a judgment against or reimbursement from, a defaulting or opposing party.
What is meant by recourse factoring?
Recourse factoring is the right to receive payment of debt from the seller of the receivable. In general, any right to a certain free, and most often the right of the person who has paid something to the return of what has been paid on the basis of a legal relationship.
Is a car loan considered recourse or non-recourse debt?
I think is non recourse debt
What is recourse funding?
Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.
Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
What is the duration of The Recourse to the Method?
The duration of The Recourse to the Method is 2.73 hours.
Is Kentucky a Recourse or Non-Recourse or One Action state?
Kentucky is a recourse state, allowing the lender to seek judgments and damages from the borrower.
Is Alabama a non recourse state?
As of 12/20/2012 Oklahoma is a Recourse State.
Can you give a sentence for recourse?
A place to find recourse is in nonfiction books in the library.
When was Diverse Recourse created?
Diverse Recourse was created on 2007-04-10.
When was The Recourse to the Method created?
The Recourse to the Method was created on 1978-05-05.
Is Florida a non recourse loan state.?
Florida happens to be a recourse state.
