Associate May Lee co-authored the article “Was that a Carve-Out Guaranty that I Signed, or a Full Guaranty?” which appeared in the New Jersey Law Journal. Many commercial real estate loans are nonrecourse when it comes to the borrower and its principals. Typically, the principals sign a “carve-out” guaranty. The article discusses the implications of the 51382 Gratiot Ave. Holdings v. Chesterfield Development Co. decision, which challenges expectations in the real estate industry as to the extent to which guarantors may be liable under carve-out guaranties. May recommends that borrower’s counsel make sure that the loan documents executed at closing provide guarantors with the requisite control over acts that might potentially trigger personal recourse.