Finance
In Michigan, a 'non-recourse loan' means:
AThe lender has full recourse against the borrower personally
BThe lender's only remedy upon default is foreclosure on the collateral; the borrower has no personal liability✓ Correct
CThe loan cannot be refinanced
DThe lender cannot sell the loan on the secondary market
Explanation
A non-recourse loan limits the lender's remedy to foreclosing on the collateral; the lender cannot sue the borrower personally for any deficiency after a foreclosure sale. Some commercial Michigan real estate loans are structured as non-recourse.
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