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Mortgages › Non-Recourse Loans › Lenders

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Frost Brown Todd

Carveouts and Cash Flow: Additional Impacts of Cherryland Mall

Frost Brown Todd on

As discussed in our preceding post, the Michigan Court of Appeals’ decision in Wells Fargo Bank v. Cherryland Mall has had significant implications for non-recourse loans, particularly concerning solvency covenants often...more

Ballard Spahr LLP

The Sixth Circuit, Relying upon Michigan’s Nonrecourse Mortgage Loan Act, Rejects the Enforceability of an Insolvency Covenant

Ballard Spahr LLP on

Notwithstanding Michigan’s 2012 Nonrecourse Mortgage Loan Act (NMLA), which provides that solvency covenants in nonrecourse loans unenforceable, in Borman, LLC v. 18718 Borman, LLC, a third-party purchaser of a foreclosed...more

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