RECOURSE Definition

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RECOURSE, in finance, is the right to demand payment from the maker or endorser of a negotiable instrument (as a check). See RECOURSE NOTE.

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ARIARY is the currency of Madagascar.

REVENUE ANTICIPATION NOTE (RAN) is a note sold by mu­nicipalities as a temporary financing pending the arrival of certain revenues, which are then used to payoff the note. Usually the income on these notes is exempt from federal income taxes.

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