Assignment Of Promissory Note Form Without Recourse
Description
How to fill out Assignment Of Promissory Note Form Without Recourse?
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FAQ
In a general sense, without recourse pertains to when the buyer of a promissory note or other negotiable instrument assumes the risk of default. No recourse means that the person cannot obtain a judgment against, or reimbursement from, a defaulting or opposing party.
One form of transaction is "assignment without recourse," which means that once the loan is sold or transferred, neither the borrower nor the new loan holder can hold the original loan-maker liable for anything.
What an "assignment without recourse" clause means to you, the borrower. Essentially, an assignment clause in your auto loan contract means that you are giving the lender permission to either sell or transfer your loan to another finance company.
Unless specifically prohibited in the language of the note, a promissory note is assignable by the lender. That is, the lender can sell or assign the note to a third party who the borrower must then repay.
If your lender requires you to sign the promissory note in your own name, you are personally liable for paying the note. However, you can avoid personal liability by including a provision in the note that states it is "non-recourse."
