Nonrecourse

{
  "id": "MLC-T-LAW-003459",
  "term": "Nonrecourse",
  "field": "Law",
  "definition": "A type of loan or debt where the lender's ability to recover payment is limited solely to the collateral securing the debt, without recourse to the borrower's other assets. If the borrower defaults, the lender can seize and sell the collateral but cannot pursue a deficiency judgment against the borrower personally. This arrangement is common in real estate financing.",
  "url": "https://mlchart.com/terminology/law/nonrecourse/"
}