"Recourse"
In negotiation of a letter of credit, payment by the negotiating bank will normally be with recourse (i.e. if the Issuing bank subsequently does not pay).
Depository glossary and terms by letter
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Recourse, Glossary and Terms, Depository Institutions & Credit Unions
List of United States Depository Institutions, Credit Unions, Guide Service
In negotiation of a letter of credit, payment by the negotiating bank will normally be with recourse (i.e. if the Issuing bank subsequently does not pay).
