“Without Recourse” is a term frequently used in finance and legal documents. It is often seen in the context of negotiable instruments (like promissory notes or bills of exchange). When a note is endorsed “without recourse,” it means that the person who is transferring the note to another party is not assuming any liability should the note not be paid. In other words, the endorser does not guarantee payment to the holder, and the holder cannot demand payment from the endorser if the issuer defaults.

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