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recourse
recourse [ree-kawrs, -kohrs, ri-kawrs, -kohrs]  

Recourse note
A recourse note is a debt note held by a lender that entitles the lender to seek financial recourse upon the default of the borrower. The note is usually secured by a mortgage or a deed.

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Last updated on Thursday September 11, 2008 at 01:55:32 PDT (GMT -0700)
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