Overview

without recourse


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Words that appear on a bill of exchange to indicate that the holder has no recourse to the person from whom it was bought, if it is not paid. It may be written on the face of the bill or as an endorsement. If these words do not appear, the holder does have recourse to the drawer or endorser if the bill is dishonoured. See also with recourse.

Subjects: Financial Institutions and Services.


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