Beyond Bad Boy Acts: Rethinking Nonrecourse Carveout Liability

Heartland Real Estate Business



In commercial real estate, nonrecourse loans generally protect borrowers from personal liability if a loan defaults. But certain circumstances can expose lenders to losses beyond what the property can cover, leading them to seek additional protections through nonrecourse carveouts. Once largely associated with fraud and other intentional misconduct, these provisions are increasingly being used to address a broader range of risks. To help educate CRE professionals on the nuances, we pitched and secured a byline for James B. Allen of Taylor Johnson client Ginsberg Jacobs in Heartland Real Estate Business. In the resulting article, he explores when borrowers and guarantors can face personal liability, whether intent should matter and how lenders and borrowers can better align liability with the underlying risk.



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