A transaction that sees the transfer of a bad debt to a third party. The original creditor of the debt could be for example, a credit card company who is not able to collect payment from the debtor. The debt is then transferred to a third party such as a debt collector company for an agreed percentage of the debt. The debt collector becomes the new owners of the debt and will keep whatever profit they get from the amount they are able to collect from the debtor.
Related information about nonrecourse sale:
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- 544 F.2d 1045
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- Perfecting Article 9 - Gonzaga University School of Law
565. V. APPLY THE DUTY TO COLLECT IN A COMMERCIALLY REASONABLE. MANNER TO A NONRECOURSE SALE OF RECEIVABLES........................ 567 ...
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