Business / Loan / Recourse: Refers to the right, in an agreement, to demand payment from the person who is taking on an obligation. A full recourse loan refers to the right of the lender to take any assets of the borrower if repayment is not made. A limited recourse loan only allows the lender to take assets named in the loan agreement. A non-recourse loan limits the lender's rights to the particular asset being financed -- an approach that is common in home mortgages and other real estate loans.
Recourse Verb Synonyms: resort, access, entr‚e, admittance, availability
Business / Agriculture / Recourse Loan Program: Under the FAIR Act of 1996, recourse loans are available to producers of high moisture corn and seed cotton, dairy processors, and sugar processors. The commodity is pledged as security, but in contra MORE
Business / Agriculture / Nonrecourse Loans: Farmers or processors participating in government commodity programs may pledge certain stored commodities as collateral and obtain a loan from the CCC at a commodity-specific, per-unit loan rate. The MORE