recourse

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Related to With Recourse: Without recourse

recourse

1. the right to demand payment, esp from the drawer or endorser of a bill of exchange or other negotiable instrument when the person accepting it fails to pay
2. without recourse a qualified endorsement on such a negotiable instrument, by which the endorser protects himself from liability to subsequent holders
References in periodicals archive ?
77, Reporting by Transferors for Transfers of Receivables with Recourse, according to James A.
Under generally accepted accounting principles (GAAP)--or more specifically Financial Accounting Standard 77 (FAS 77)--which the bill proposes to utilize, a bank may remove from its balance sheet an asset sold with recourse even if it has retained the risk of ownership.
Since 1990, when the Federal Financial Institutions Examination Council (FFIEC) requested comments on the appropriate reporting and capital treatment of asset sales with recourse, the interagency task force has been devising a structure for applying risk-based capital to different levels of recourse risk.
Under generally accepted accounting principles (GAAP)--or, more specifically, financial accounting standard (FAS) 77--which the bill as introduced proposed to utilize, a bank may remove from its balance sheet an asset sold with recourse even if it has retained the risk of ownership.
The financial institution chooses instead to sell a participating interest in $8 million of the loans, with recourse.
4 million as the result of the elimination of the Company's repurchase liability for loans sold with recourse.