Recourse

{
  "id": "MLC-T-LAW-004163",
  "term": "Recourse",
  "field": "Law",
  "definition": "The right of a lender or creditor to demand payment from a borrower or guarantor in the event of default on a debt. In finance, a loan is considered 'with recourse' if the lender can pursue the borrower's other assets beyond the collateral to satisfy the debt. Conversely, 'non-recourse' loans limit the lender's recovery solely to the collateral pledged.",
  "url": "https://mlchart.com/terminology/law/recourse/"
}