If a borrower dies owing on a promissory note, does his debt die with him or can you collect from his estate?
Syracuse, NY
Viewed 281 times.
Posted about 1 year ago in Probate
Flag as objectionable
Promissory Note:
If a borrower dies owing on a promissory note, does his debt die with him or can you collect from his estate?
- Is this your question? Add additional information
Answers (1)C. Boyd Cote
This attorney is licensed in New York and 2 other states.
Posted about 1 year ago.
Flag as objectionable
THE SHORT ANSWER IS THAT IF THE ESTATE HAS ASSETS IT HAS TO SATISFY THE DECEASED'S DEBTS. THERE ARE PRIORITIES AS TO WHAT DEBT GETS PAID FIRST, AND MOST STATES HAVE A PROCEDURE TO DISCHARGE DEBT IF THE DECEASED HAS NO ASSETS.
Back to Search Results
Next question: NJ Statute of Limitations on old debt. Previous question: What are a tenant's rights when landlord is being foreclosed on |