(1) the right of a holder in due course to demand payment from the maker or endorser of a negotiable instrument, or from prior endorsers, if the instrument is dishonored by the maker. (2) the acceptance, assumption or retention of some or all of the risk of loss associated with an asset owned by another party. (3) in the secondary mortgage market,' recourse' refers to a provision in a sales contract by which a mortgage seller agrees to buy back the loan if default and foreclosure occur. See: with full recourse, without recourse, with partial recourse.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). recourse. Retrieved September 20, 2026, from http://smartdefine.org/recourse/definitions/1161950 |
| Chicago | Barry Goldsmith. 2010. "recourse" http://smartdefine.org/recourse/definitions/1161950 (accessed September 20, 2026). |
| Harvard | Barry Goldsmith 2010, recourse, Smart Define, viewed 20 September, 2026, <http://smartdefine.org/recourse/definitions/1161950>. |
| MLA | Barry Goldsmith. "recourse" 21 October 2010. Web. 20 September 2026. <http://smartdefine.org/recourse/definitions/1161950> |