abstract:Recourse debt is a debt that is not backed by collateral from the borrower. Also known as a recourse loan, this type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default as opposed to foreclosing on a particular property or asset as with a home loan or auto loan.
Packagebuyinginstrumentsarefinancialservicesactivitiesheld bycommercialbankstoexporters, and guar-anteed by banks of debtcertificateof non-recoursebuying.