Joel said......"Any unsecured bond is non-recourse. Non-recourse simply means the obligation does not grant a security interest in title to some property. Likely your bonds are/were non-recourse."Joel:Are you sure, you statement is completely the opposite of my understanding. It is my understanding that ton-recourse debt is secured debt. The collateral is the lender's only security....meaning that the lender can't not file a lean against the borrower or force bankruptcy.From Wikipedia......"Non-recourse debt or a non-recourse loan is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender/issuer can seize the collateral, but the lender's recovery is limited to the collateral. Thus, non-recourse debt is typically limited to 50% or 60% loan-to-value ratios, so that the property itself provides "overcollateralization" of the loan."
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