"With recourse": 1. Where the wording of the agreement between a borrower and lender means that the borrower is liable to repay the lender. This is obviously the norm and most lending is on a with recourse basis. However, in international trade there are various specialised lending products where this does not apply and the borrowing is 'Without recourse'. 2. Alternatively, where a party to a negotiable instrument has signed or endorsed that instrument without disclaiming liability to subsequent holders, then that party will be liable to subsequent holders in the event of non-payment at maturity.