nonrecourse loan

[ non-ree-kawrs, -kohrs, non-ri-kawrs, -kohrs ]
/ nɒnˈri kɔrs, -koʊrs, ˌnɒn rɪˈkɔrs, -ˈkoʊrs /

noun Finance.

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.

QUIZZES

HEED THE VOX POPULI, AND TAKE THIS WORD OF THE DAY QUIZ!

Test your memory on these verbal firecrackers from the week of June 29 to July 5!
Question 1 of 7
anchorite
a granular metamorphic rock.
a person who has retired to a solitary place for a life of religious seclusion.
a hobble or fetter for a horse or other animal.
TAKE THE QUIZ TO FIND OUT

Origin of nonrecourse loan

non- + recourse

Words nearby nonrecourse loan

nonracial, nonrational, nonreadable, nonrebreathing anesthesia, nonrecognition, nonrecourse loan, nonrecurrent, nonrecurring, nonreflexive, nonregent, nonrelativistic quantum mechanics
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020