‘Odd’ Georgia statute gets a lender an even $17 million

Mar 27, 2014 By: Richard D.R. Hoffmann

The 7th Circuit says that although a Georgia statute removes a mortgagee’s right to a deficiency judgment, a guaranty agreement allows a lender to receive from the guarantor the $17 million difference between what it paid for a Georgia parcel, and the unpaid balance of the loan.