Recourse debt

Recourse debt,

Definition of Recourse debt:

  1. A debt in which the borrower is personally liable and that is not backed by any collateral. The lender can collect from the borrower in case of default on the loan payments by way of foreclosure on the specified security as well as by taking other assets if the sale proceeds from the security are not adequate.

Meaning of Recourse debt & Recourse debt Definition