Finance
In South Dakota, a 'non-recourse loan' means the borrower:
AHas no obligation to repay the loan
BIs not personally liable for the debt beyond the collateral; if they default, the lender's remedy is limited to the property✓ Correct
CCannot refinance the loan during its term
DHas recourse against the lender for deficient appraisals
Explanation
With a non-recourse loan, the lender's remedy in default is limited to foreclosing on and selling the collateral property. The borrower has no personal liability for any deficiency (the amount owed in excess of the foreclosure sale proceeds).
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