Answer: It is called An EXCULPATORY CLAUSE
Explanation: A deficiency judgment is a court ruling against a debtor in default on a secured loan, indicating that the sale of a property to pay back the loan did not cover the outstanding debt in full.
In waiving the right to a deficiency judgement, AN EXCULPATORY CLAUSE is inserted in the financial contract which states that the borrower no longer has a financial liability. It relieves the borrower the personal liability to repay the loan.
The clause in the deficiency judgment in the financing document has been an exculpatory clause. Thus, option C is correct.
The financing document has been the agreement that has been made with respect to the credits, funds, and financing security. The deficiency judgment has been given by the court on the trails of loan defaulter.
The clause has been inserted in the financial judgment that has been inserted in the document stating the borrower has no liability over the loan. It has been stating the borrower has liability for the loan property only.
The clause that states the same has been an exculpatory clause. Thus, option C is correct.
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