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Recourse Note
A note stating that a creditor has the right to hold the debtor personally responsible to repay the debt beyond any collateral given as security for the note. As explained in an FAQ, a recourse note is the only type of note considered a valid form of payment for exercising stock options. Payment with a nonrecourse note, which does not place any personal liability for the repayment on the person obligated under it, is not considered a valid consideration for the transfer of shares.
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