Under financing with recourse, in the event that the lender cannot collect on its payment from the party ultimately responsible for payment of the financial obligation, the lender can go back to the borrower to seek payment on the amount due.
For example, if a bank finances an exporter by providing immediate payment, but is unable to collect the money owed on the due date from the importer, the bank can go back to the exporter to claim its due.
A without recourse endorsement is a qualified endorsement and will be honored by the courts if certain requirements are met.
Any words other than "without recourse" should clearly be of similar meaning.
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The qualification without recourse, or its equivalent, is limited to the immediate endorsement to which it applies.
It may precede or follow the name of the endorser, but its proximity to the name should be such as to give a subsequent purchaser reasonable notice of the endorsement to which it applies.
Because the payee's name is on the back of the note, he is presumed to be an unqualified endorser unless there are words that express a different intention.
The denial of recourse against a prior endorser must be found in express words.