Legal Articles
A Victory For Lenders – “Full Recourse” Clauses Will Be Enforced!
The Central District of Illinois’ opinion in U.S. Bank National Association v. Springfield Prairie Properties, LLC confirmed a significant victory for lenders who make nonrecourse loans with “full recourse” carve-outs. The Springfield Prairie Properties Court found that after the borrower defaulted on its nonrecourse mortgage loan, the borrower’s subsequent actions triggered a provision which automatically