Non Recourse - Law Dictionary Search Results
Home Dictionary Name: non recoursenon-recourse
non-recourse : of, relating to, or being a debt whose satisfaction may be obtained on default only out of the particular collateral given and not out of the debtor's other assets [a mortgage] [a creditor] compare recourse ...
non-recourse note
non-recourse note see note ...
recourse
recourse 1 a : the act of turning to someone or something for assistance esp. in obtaining redress b : a means to a desired end esp. in the nature of a remedy or justice ;also : the end itself 2 : the right or ability to demand payment or compensation ;specif : the right to demand payment from the endorser or drawer of a negotiable instrument see also recourse note at note compare non-recourse NOTE: Under Article 3 of the Uniform Commercial Code, the phrase without recourse on a negotiable instrument limits the liability of the endorser or drawer. If an endorsement states that it is made without recourse, the endorser is not liable to pay, subject to various conditions, if the instrument is dishonored. Similarly, if a draft states that it is drawn without recourse, the drawer is not liable to pay, subject to various conditions, if the draft is dishonored, provided that it is not a check. ...
note
note 1 a : a written promise to pay a debt ;specif : promissory note in this entry bank note : a promissory note issued by a bank payable to bearer on demand but without interest and circulating as money cog·no·vit note [kÄ g-nō-vit-, kōg-] : a note in which the maker acknowledges the debt and authorizes the entry of judgment against him or her without notice or a hearing : a note containing a confession of judgment collateral note : a note secured esp. by a collateral mortgage and pledged to secure an obligation of which a hand note usually serves as evidence demand note : a note payable on demand compare time note in this entry floating rate note : a negotiable note that yields an indexed and periodically adjusted variable rate of interest called also floater hand note : a note for an obligation secured by a collateral note non-recourse note : a note whose satisfaction upon default may be obtained only out of the collateral securing it promisso...
recourse note
recourse note see note ...
Without recourse to me
Without recourse to me [sans recours], a phrase used by an indorser of a bill or note, which protects him from liability, Byles on Bills. See SANS RECOURS....
De non apparentibus et non existentibus eadem est ratio
De non apparentibus et non existentibus eadem est ratio. 5 Rep. 6.-(As to things not apparent, and those not existing, the rule is the same.) The maxim applies where a party seeks to rely on writings not produced in Court, which have, on account of such non-production, to be treated as non-existent (Broom's Max.), unless they can be proved by secondary evidence....
Financial non-viability
Financial non-viability, The expression 'financial non-viability' has not been defined in the Income Tax Act but the Finance Minister's speech, the Notes on Clauses of the Bill and the Memorandum explaining the provisions thereof make it clear that the financial non-viability of an undertaking has been equated with the 'sickness' of such undertak-ing and obviously in the context of its revival by a sound undertaking the sickness must be of a temporary character and not any basic or permanent sickness. An undertaking which is basically or potentially non-viable will ordinarily be incapable of revival and would face a closure; in other words, the financial non-viability spoken of by the s. must refer to sickness brought about by temporary adverse financial circumstances that disables the unit to stand and work on its own. Since the expression is occurring in a taxing statute in the context of amalgamation of companies it will have to be understood in its popular sense, that is to say, th...
Misfeasance and non-feasance
Misfeasance and non-feasance, there is a distinction between misfeasance (positive action) and non-feasance (omission). Misfeasance is wilful, reckless or heedless conduct in commission of a positive act lawfully done but with improper conduct. Non-feasance means non-performance of some act which ought to be performed or omission to perform required duty or total neglect of duty. In the case of misfeasance, the defendant is the author of the source of danger to cause damage due to careless conduct, to the person/property of plaintiff. He has knowledge that the act may give rise to tort but in the case of non-feasance several factors require consideration for giving rise to actionable negligence, Rajkot Municipal Corporation v. Manjulaben Jayantilal Nakum, (1997) 9 SCC 552 (582)...
Non-commissioned officer
Non-commissioned officer, means a person holding a non-commissioned rank or an acting non-commissioned rank in the regular Army or the Indian Reserve Forces, and includes a non-commissioned officer or acting non-commissioned officer of the Indian Supplementary Reserve Forces or the Territorial Army who is for the time being subject to this Act. [Army Act, 1950 (46 of 1950), s. 3 (xv)] [s. 132(3)(d), Cr. P.C.]Nonconformist. See DISSENTERS....
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