A non-recourse loan is one in which the borrower is personally liable for payment of all amounts due under the terms of the note.

Name: A non-recourse loan is one in which the borrower is personally liable for payment of all amounts due under the terms of the note.
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A non-recourse loan is one in which the borrower is not personally liable for payment of all amounts due under the terms of the note. Instead, the lender's only remedy is to seize the collateral that secured the loan.

A Non-Recourse Loan Is One in Which the Borrower Is