nonrecourse loan
[non-ree-kawrs, -kohrs, non-ri-kawrs, -kohrs]
- a loan for which the borrower cannot be held responsible for any amount in excess of the security for the loan, even if the value of such security falls below the level it had or that had been anticipated for it at the time of the loan.
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Origin of nonrecourse loan
Dictionary.com Unabridged
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018