Banking Law: October 2019 Archives

Declaratory Judgment Is Necessary Where Guaranty Does Not Address Certain Uses of Proceeds from a Foreclosure Sale.

In most commercial lending transactions, it is a common practice for lenders to secure the loan with a mortgage on the business property, which would permit the lender to foreclose on the mortgage securing the property if the borrower were to default on the. For closely held businesses, many lenders also require the business owners to secure the loan with a personal guaranty. A guaranty is an agreement made by a third party to secure the debt of a borrower to a lender in the event that the borrower defaults on the loan.

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