Which statement about non-recourse lending is true?

• A. The borrower is always personally liable for any shortfall on a non-recourse loan.
• B. The lender may pursue borrower assets beyond collateral in non-recourse loans.
• C. Non-recourse loans are not secured by collateral.
• D. In a non-recourse loan, liability is limited to the collateral; the borrower is not personally liable for shortfall.

Answer: (D)