Definition of "nonrecourse" []

• Of or pertaining to a form of financing, typically debt financing, in which the lender's recourse to recovery in the event of default is limited to the collateral asset only. (adjective)

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• "The morality argument is especially weak in a state like California or Arizona, where mortgages are so-called nonrecourse loans."
• "The morality argument is especially weak in a state like California or Arizona, where mortgages are so-called nonrecourse loans. ..."
• "The terms of the loan provide that as payments are received on the securities, they are applied against the interest and principal amount of the loan, and that the loan is otherwise nonrecourse, that is, the company is liable only to the extent of the value of the collateral pledged as security."