In general, an exculpatory clause is a clause that eliminates a partys liability for damages caused by a breach of contract. A common type of exculpatory clause involves limiting liability on a loan to the collateral. In other words, if there is a default, the contract says that the damages will be limited to execution on the collateral (i.e., foreclosure on the property covered by the mortgage or deed of trust).
Charlotte North Carolina Exculpatory Clause or Nonrecourse Provision in Mortgage regarding Deficiency Judgment
State:
Multi-State
City:
Charlotte
Control #:
US-02763BG
Format:
Word;
Rich Text
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