What is Recourse Law?
Recourse law basically governs the right to demand payment in regard to a check, promissory note or a bill of exchange from endorsers of the document. Recourse claims are often filed in regard to bankruptcies by individuals or businesses that are seeking bankruptcy recourse. Recourse law can get confusing as it also applies to the selling of notes or pledging of accounts receivable which can provide recourse (or non-recourse or limited recourse) to the purchaser of the notes or the lien holder of accounts receivable. There are a few ways to hold or to transfer the right to demand payment including the full recourse basis, a non-recourse basis, or limited recourse finance. If you are selling notes or accepting accounts receivable as collateral for a loan, it is best to consult with an attorney who specializes in recourse law to develop the terms of the transaction. If you are a consumer, and out of the blue a company that you have never heard is demanding payment from you, you might try
Related Questions
- How will individual members of a First Nation be engaged in the development of a proposed First Nation law? If they are not satisfied with the process, what recourse will be available to them?
- What is the recourse to immediate remedy under the law to resolve the disputed valuation?
- What recourse do I have with an obstinate attorney?
