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Expert Analysis

When Is Nonrecourse Loan Fully Recourse?

Law360, New York (March 9, 2012, 2:27 PM EST) -- A recent decision by the Michigan Court of Appeals could significantly increase the financial risk undertaken by individuals and entities who guarantee the carve-out liabilities often associated with nonrecourse loans secured by commercial real estate. The outcome in Wells Fargo Bank NA v. Cherryland Mall Limited Partnership, et al., (Mich. App. Dec. 27, 2011) is noteworthy because the court held the guarantor liable for the entire deficiency incurred by the foreclosing lender when it was less than clear that such a result was intended by the parties....

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