Without recourse

Definition:

Giving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract (such as a special-purpose entity).

Investing Essentials


Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Annual meeting

Meeting of stockholders held once a year at which the managers of a company report to the stockholders on the year's results.

Subscribe to the Term of the Day via email Get the Term of the Day in your inbox!


Create your free portfolio