Mini Bio (1). Ron Reagan was born on May 20, 1958 in Los Angeles, California, USA as Ronald Prescott Reagan. He is an actor, known for Post No Bills (1991), Hollywood Commandos (1997) and Front Page (1993). He was previously married to Doria Palmieri.
The Definition of Recourse and Non-Recourse. First of all, what do the terms recourse and non-recourse mean? The definition of a recourse loan is a loan where the borrower or guarantors are personally liable for repaying any outstanding balance on the loan, in addition to the collateral itself.
What is a 'Recourse' A recourse is a legal agreement which gives the lender the right to pledged collateral in the event that the borrower is unable to satisfy the debt obligation. Recourse refers to the legal right to collect. Recourse lending provides protection to lenders, as they are assured to have some sort of repayment, either in cash or liquid assets.