Terms Used In Florida Regulations > Chapter 53ER99 - Emergency Rule for Year 1999

• Contract: A legal written agreement that becomes binding when signed.
• Oath: A promise to tell the truth.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}