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Simple English definitions for legal terms

nonrecourse note

Read a random definition: personal justice

A quick definition of nonrecourse note:

A nonrecourse note is a type of written promise to pay money that can only be paid back using the collateral that secures the note, not the borrower's other assets. This means that if the borrower defaults on the loan, the lender can only take the collateral and cannot go after the borrower's other possessions. It is different from a recourse note, which allows the lender to go after the borrower's other assets if the collateral is not enough to cover the debt.

A more thorough explanation:

A nonrecourse note is a type of promissory note that can only be satisfied by the collateral securing the note, not by the debtor's other assets. This means that if the borrower defaults on the loan, the lender can only go after the collateral and cannot pursue the borrower's other assets.

For example, if a borrower takes out a nonrecourse loan to purchase a property, and the property's value decreases, the lender cannot go after the borrower's other assets to recover the difference. The lender can only take possession of the property securing the loan.

Nonrecourse notes are often used in real estate transactions, where the property being purchased serves as collateral for the loan. They are also used in some types of business loans, where the assets being financed serve as collateral.

nonrecourse loan | nonrecurring dividend

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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.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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