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Guarantor Personally Liable Under Note ‘Carve-Out’ (access required)

A non-recourse promissory note guaranteed by defendants has a “carve-out” that covers transfer such as liens that arose when defendant failed to pay city utility bills on the apartment complex purchased with the $8.3 million loan, and this makes defendants personally liable on the guaranty, says a magistrate judge for the Richmond U.S. District Court. Defendant ...

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