Series 66: Nonrecourse Note

Taken from our Series 66 - NASAA Uniform Combined State Law Exam

Definition of the term Nonrecourse Note...

a loan in which the lender cannot go after the personal assets of the borrower if the loan collateral is insufficient to cover a default. Commonly used in limited liability companies.

Since you're reading about Series 66: Nonrecourse Note, you might also be interested in:

Solomon Exam Prep Study Materials for the Series 66
Please Enable Javascript
to view this content!