Home > Legal > Questions & Answers > Probate > If a borrower dies owing on a promissory note, does his debt die with him or can you collect from his estate?
If a borrower dies owing on a promissory note, does his debt die with him or can you collect from his estate?
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.
