Without Recourse

Business, Legal & Accounting Glossary

Definition: Without Recourse

Quick Summary of Without Recourse

A qualified endorsement on such a negotiable instrument, by which the endorser protects himself or herself from liability to subsequent holders.

What is the dictionary definition of Without Recourse?

Dictionary Definition

Latin: sans recours

This appears on a bill of exchange to indicate that the holder has no recourse to the person from whom it was acquired, if it is not paid. This term may be written on the face of the bill of exchange or as an endorsement.

If “Without Recourse/Sans Recours” does not appear on a bill of exchange, then the holder does have recourse to the drawer (or endorser) if the bill is dishonoured upon maturity.


Full Definition of Without Recourse

Without recourse is a phrase that has several meanings.

When it comes to sales, “with recourse” is a legal term that means with subsequent liability, and “without recourse” means without subsequent liability. The sales agreement signed by the buyer and seller determines whether a sale is a recourse sale or a without recourse sale and thereby determines the respective rights and responsibilities of both parties.

Giving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract (such as a special-purpose entity).

Examples of Without Recourse in a sentence

They tried to settle the dispute without recourse to the courts.

Its hoped that the dispute will be settled without recourse to litigation.

Often, costing and pricing decisions can often be made without recourse to complicated records.

When a nominated bank has a deferred payment undertaking; it is without recourse to the beneficiary.

Synonyms For Without Recourse

without resort, non-recourse, without using, without the need, without the use

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Without Recourse. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 16, 2020 https://payrollheaven.com/define/without-recourse/.
Chicago Manual of Style (CMS):
Without Recourse. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/without-recourse/ (accessed: July 16, 2020).
American Psychological Association (APA):
Without Recourse. PayrollHeaven.com. Retrieved July 16, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/without-recourse/

Definition Sources

Definitions for Without Recourse are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 22nd March, 2020 | 199 Views.