Real Estate/Development
Aug. 15, 2013
'Bad boy' carveouts shift power to lenders
A handful of exceptions to the non-recourse rule have evolved over the past 80 years, but it was not until recently that many more so-called "bad boy" carveouts have been constructed.
Daily Journal Staff Writer
When commercial property owners default on their loan payments, lenders historically have had limited means beyond a foreclosure sale of recovering the balance of the loan. Such loans are generally non-recourse, meaning lenders can't go after other assets to recover the remainder of the deficiency. Although a handful of exceptions to the non-recourse rule have evolved over the past 80 years, it was not u...
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