recourse

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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 ?
Green-clause L/Cs serve the same purpose as red-clause credits except the exporter can only obtain advance payments if specified documents are produced with evidence that the goods are held to the order of the advising bank; the advance is with full recourse to the goods.
The note in this earlier letter ruling was a demand, interest-bearing note guaranteed by the remainderman with full recourse to her independent assets.
Hard-currency commercial loans are arranged to cover the critical earlier years of a project, often with full recourse to sponsors or third-party guarantors.