Question: When a debt is nonrecourse, this means the _________. a. Lender may not foreclose or repossess the property that secures the debt. b. Lender has

When a debt is nonrecourse, this means the _________.

a. Lender may not foreclose or repossess the property that secures the debt.

b. Lender has no right to seek payment from the borrower for any debt in excess of collateral.

c. Borrower may recognize ordinary income from the cancellation of debt.

d. Borrower will not recognize gain or loss on the disposition of the property.

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