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LSDefine

Simple English definitions for legal terms

nonrecourse loan

Read a random definition: color of authority

A quick definition of nonrecourse loan:

A nonrecourse loan is a type of loan where the lender can only take the collateral (like a house or car) if the borrower can't pay back the loan. The lender can't go after the borrower's personal assets. It's like borrowing a toy from a friend, but if you can't give it back, they can only take the toy and not anything else you own.

A more thorough explanation:

A nonrecourse loan is a type of secured loan where the lender can only seize the collateral if the borrower defaults on the loan. The lender cannot go after the borrower's personal assets to recover the loan amount.

For example, if a borrower takes out a nonrecourse loan to buy a car and defaults on the loan, the lender can only repossess the car and sell it to recover the loan amount. The lender cannot sue the borrower for any remaining balance if the sale of the car does not cover the full loan amount.

Another example is a nonrecourse mortgage loan. If the borrower defaults on the loan, the lender can only foreclose on the property and sell it to recover the loan amount. The lender cannot sue the borrower for any remaining balance if the sale of the property does not cover the full loan amount.

Nonrecourse loans are often used in real estate and commercial lending, where the collateral is the property or the business itself. They are less risky for borrowers because they limit the lender's ability to go after their personal assets.

nonrecognition provision | nonrecourse note

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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