California Civil Code 1068 – If the operative words of a grant are doubtful, recourse may be had …
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If the operative words of a grant are doubtful, recourse may be had to its recitals to assist the construction.
(Enacted 1872.)
Terms Used In California Civil Code 1068
- 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