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  • Michigan Court Holds Borrower’s Breach of SPE Requirement in Non-Recourse Carve-Out Provision of CMBS Loan Document Results in Full Recourse Liability for Borrower and Guarantor

01/22/2012 07:00:00 PM EST

Michigan Court Holds Borrower’s Breach of SPE Requirement in Non-Recourse Carve-Out Provision of CMBS Loan Document Results in Full Recourse Liability for Borrower and Guarantor

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Banking & Financial services Articles on Martindale.com

The Michigan Court of Appeals recently held that a borrower’s violation of a non-recourse liability carve-out provision, which prohibited the borrower from becoming insolvent, resulted in the loan becoming fully recourse against the borrower. In Read More...