Nevada Revised Statutes 645B.353 – Mortgage company prohibited from releasing borrower or guarantor from personal liability without certain approval
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Except as otherwise permitted by law, a mortgage company shall not release a borrower or guarantor from personal liability for a loan unless a majority of the investors approve such a release.
Terms Used In Nevada Revised Statutes 645B.353
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC