NON-RECOURSE
\nˈɒnɹɪkˈɔːs], \nˈɒnɹɪkˈɔːs], \n_ˈɒ_n_ɹ_ɪ_k_ˈɔː_s]\
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A situation under a guarantee to the borrower or seller that an obligationor transaction is without recourse. This absolves the borrower or all blame in the event of loss or defect. The saleabilityfor accounting purposes or the transfer of ownership depends on the presence or absence of recourse.
By Henry Campbell Black
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).