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Warning
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Simple English definitions for legal terms
no recourse
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A quick definition of no recourse:
Term: NO RECOURSE
Definition: No recourse means that there is no way to get money back from someone or a company or to make them pay for something they owe. It's like having no options or no power to make them do what they should do. Sometimes, a bill or loan may have a note that says "no recourse" which means that the person or company who gave the loan or bill cannot try to get their money back from the person who received it.
A more thorough explanation:
Definition: No recourse means that there is no way to get reimbursement or a judgment against a person or entity. It can also be indicated by a notation on a bill or loan.
Example 1: The bank had no recourse against the individual executive for collection of the corporation's debts.
Example 2: The bill was indorsed "no recourse".
These examples illustrate that when there is no recourse, there is no way to get money back or hold someone accountable for a debt or obligation. This can be a problem for banks or lenders who may not be able to collect on a loan or debt if there is no recourse. It is important to understand the terms of any agreement or contract to know if there is recourse or not.