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Quotes of the day:
Those noble men who falsehood dread In wealth and glory ever grow, As flames with greater brightness glow With oil in ceaseless flow when fed.
Non-recourse debt is a type of loan secured by collateral, which is usually property. If the borrower defaults, the issuer can seize the collateral but cannot seek out the borrower for any further compensation, even if the collateral does not cover the full value of the defaulted amount. This is one instance where the borrower does not have personal liability for the loan.
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