One of the mysteries of the English language finally explained.
A formula used to disclaim responsibility for future nonpayment, especially of a negotiable financial instrument.
- ‘In the case of a cooperative sale in which the buyer offers a promissory note as an earnest money deposit, the note should be made payable to the listing broker or should be endorsed ‘without recourse’ by the selling broker to the listing broker.’
- ‘The second letter, signed by him as an agent of the association, declared that the transfer was made ‘without recourse.’’
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