Michigan Court of Appeals Opinion
On December 27, 2011, the Michigan Court of Appeals published Wells Fargo Bank, NA v. Cherryland Mall Limited Partnership et al., 2011 WL 6785393 (Mich. App. Dec. 27, 2011), which for the first time holds that a non-recourse mortgage loan backed by commercial mortgage backed securities (“CMBS”) will give rights of recourse against the borrower and the loan guarantor when the borrower violates a solvency covenant.