When a lender forecloses upon collateral, its personal guarantees are enforceable only if the lender follows required procedural steps and carefully plans its foreclosure and litigation strategy. Poorly drafted guarantees can prevent collection, and a haphazard foreclosure process can make the guarantees unenforceable. With evolving case law and statutory changes in Washington, it is critical that lenders, investors, developers, guarantors, and their counsel understand when guarantors can be held liable after foreclosure.
This topic will teach you defenses and loopholes to be aware of, and how to best ensure maximum recovery from guarantors, or conversely, how to prevent judgment against guarantors. You will learn the legal and business strategies creditors can use to maximize their recovery, including the evidence to establish the fair value of the foreclosed collateral. The content will also review commonly litigated guarantee issues, including validity of the guarantee agreement, suretyship defenses and their waiver, lender liability risks, the continuing guarantee, irrevocable guaranties, and the scope of bad boy guarantees.
Agenda
Faculty
Brian Free
Hillis Clark Martin & Peterson P.S.
- Partner at Hillis Clark Martin & Peterson P.S.
- Practice emphasizes financial services litigation and bankruptcy
- Represents creditors in bankruptcies, receiverships, and complex workouts
- Represents lenders in foreclosure actions, in state court receiverships, bankruptcy proceedings, and guarantor lawsuits
- Author of “Lender Services Update: Lender Liability for Forbearance and Foreclosures” (September 26, 2014); and “Increased Scrutiny for Trustee Short Sales: Advice for Obtaining Bankruptcy Court Approval” (May 12, 2015)
- J.D. degree, University of Washington School of Law, with honors, Order of the Barristers; B.A. degree, Stanford University, with honors
- Recognized as a “Rising Star” by Washington Law & Politics
- Recognized as a “Rising Star” by Washington Super Lawyers
- Adjunct Professor, "Bankruptcy Law", Seattle University School of Law
- Can be contacted at: [email protected]
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