What is the definition of Recourse debt? | Dictionary.net

RECOURSE DEBT

\ɹɪkˈɔːs dˈɛt], \ɹɪkˈɔːs dˈɛt], \ɹ_ɪ_k_ˈɔː_s d_ˈɛ_t]\

Definitions of RECOURSE DEBT

1910 - Black's Law Dictionary (2nd edition)

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A debt in which the borrower is not backed by any collateral. The lender can collect on the loan payments by way of foreclosure on the security and taking other assets.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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