nonrecourse note

A note that may be satisfied upon default only by means of the collateral securing the note, not by the debtor’s other assets. Cf. recourse note. [Cases: Bills and Notes 44; Secured Transactions 227, 240. C.J.S. Bills and Notes; Letters of Credit § 11; Secured Transactions §§ 152, 164–166, 168–169, 172, 174–175, 180–183.]

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