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Simple English definitions for legal terms

recourse

Read a random definition: UFCA

A quick definition of recourse:

Recourse refers to the process of enforcing one's rights. For example, if someone is fired for discriminatory reasons, they may have legal recourse to seek justice. It can also refer to a type of debt where the creditor can collect what is owed on the debtor's personal assets even after taking collateral. However, the creditor must first look to the collateral before pursuing the debtor's personal assets. Whether a debt is recourse or nonrecourse can be determined by looking at the language of the debt instrument. In some cases, whether a debt is recourse or nonrecourse does not affect its treatment.

A more thorough explanation:

Recourse is a legal term that can have two meanings:

Recourse refers to the process of enforcing one's rights. For example, if an employee is wrongfully terminated, they may seek recourse by taking legal action against their employer. However, in some cases, such as in the U.S. Supreme Court case Our Lady of Guadalupe School v. Morrissey-Berru, employees may not have legal recourse if they are classified as "ministers."

Recourse can also refer to a type of debt where the creditor can collect what is owed on the debtor's personal assets, even after taking collateral. This is different from nonrecourse debt, where the creditor may only look to the collateral. However, the creditor must first look to the collateral before pursuing the debtor's personal assets.

For example, in Racine v. Commissioner, a loan was classified as recourse debt because the borrower was personally liable for the full amount. The creditor could pursue the debtor's personal assets if the collateral did not satisfy the debt.

Courts determine whether a loan is recourse or nonrecourse by looking at the language of the debt instrument. For example, in Veleron Holding v. Stanley, a debt was classified as recourse because the credit agreement stated that the creditor could sue the borrower for the full amount due under the loan, including any deficiency after the sale of the pledged collateral.

However, in some cases, whether a debt is recourse or nonrecourse does not affect the treatment of the debt. For example, in Crane v. Commissioner, the U.S. Supreme Court found that a taxpayer realized gain on the sale of a property when the buyer assumed the seller's mortgage on the sold property, regardless of whether the mortgage was recourse or nonrecourse.

recoupment | recover

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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
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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