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Demand payment on Promisory note
Minneapolis, MN
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Posted 6 months ago in Probate
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My mother died recently and was due money from a non-profit corp owned by her 2 sisters. She held a promissory note with terms stating annual payments over the next 6 years. I am handling her probate. Can I demand payment in full now or are the original terms still valid, ie we will get paid over the next 6 years? The full payment is needed now to pay off a loan she has outstanding.
If I can demand full payment, how? What is my recorse if they say they can't pay it now? My mom's estate is in WI; the promisory note is written under the laws of MN. Answers (1)
Christopher Gerald Angell
This attorney is licensed in Minnesota.
Posted 6 months ago.
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I'm sorry about the loss of your mother. Your mother's rights under the promissory note are part of her estate. Unless the note provides otherwise, your mother's death does not accelerate the payments due under the note. I recommend that you consult with an attorney with some expertise in estate planning - preferably one who is licensed in both Minnesota and Wisconsin.
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