No responsibility whatsoever for a debtor in a Nonrecourse Loan
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elliott
Apprentice
Joined: 30 Mar 2008
Posts: 2
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 Posted: 02/12/09 - 07:51 Post subject: |
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| Couple of days ago I had a small quarrel with my business partner. The thing we argued about was a nonrecourse loan. I am against taking this loan but we do not share the same opinion. He believes that there is no responsibility whatsoever for a debtor in a Nonrecourse Loan. I think otherwise. What do you think? |
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ruy
Apprentice
Joined: 30 Apr 2007
Posts: 5
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| Posted: 02/22/09 - 06:00 Post subject: |
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| Hello, I think that your friend was right. If you decide to take a nonrecourse loan you will have no personal responsibility whatsoever as a debtor. However if you had doubts about taking this loan then you both should speak with a financial adviser. It is always a smart move to speak with an expert. |
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brooke
Apprentice
Joined: 17 Apr 2006
Posts: 2
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| Posted: 03/04/09 - 04:09 Post subject: |
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| Well, in some point I agree with both you and your friend. Your friend is right. With a nonrecourse loan you do not have personal responsibility. A lender can only take the asset that is securing the loan. However I agree with you. I too do not have a high opinion about this loan as well. |
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shanie
Apprentice
Joined: 06 Dec 2008
Posts: 2
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| Posted: 03/14/09 - 02:18 Post subject: |
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| I understand that this is a problem. But when you have a partnership it is important that you both bring a decision together. If you could not agree on this matter about non recourse loan then you need to speak with a third party. That third party has to be someone who has experience with this and is an expert. |
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