Definition for : Without recourse

A loan or Bond is said to be "without recourse" if the lender(-s) / Bond investor(-s) do not have recourse on the borrower or issuer, but only on a pool of Assets given as Collateral. Otherwise, the loan/Bond is said to be "with recourse".
(See Chapters Chapter 21 Other debt products and Chapter 22 Shares of the Vernimmen)
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