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
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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
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C. Boyd Cote

C. Boyd Cote

Contributor Level 3
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.
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