Business, Legal & Accounting Glossary
A qualified endorsement on such a negotiable instrument, by which the endorser protects himself or herself from liability to subsequent holders.
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.
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).
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.
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This glossary post was last updated: 22nd March, 2020 | 199 Views.