What is RECOURSE LOAN?

Loan agreement that a borrower gives an undertaking to repay a debt even if the funded asset cannot be liquidated to cover the loan amount. In case of default, the lender can seize the funded asset.

More On This Topic



Link to This Definition
Did you find this definition of RECOURSE LOAN helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary