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A type of indebtedness that is secured only by specific collateral. If there is a default, the creditor may seize and sell only the specified collateral. If the collateral is insufficient to cover the debt obligation, the creditor may not seek to collect any deficiency personally from the borrower or the borrower's other assets.
Synonyms: nonrecourse debt, nonrecourse debts, nonrecourse loans
Synonyms list (a comma-separated list)
nonrecourse debt, nonrecourse debts, nonrecourse loans