My brother co-signed a bank loan for his son. The son wasn't making the payments but my brother made the payments to keep his credit in good standing. My brother is now deceased. Is his estate responsible for paying the debt back?
The obligations of the co-signer, and whether the co-signer's heirs, estate, and assigns would be liable, are likely set forth in the loan documents. If the loan documents are silent as to that (which I would not expect to be the case), then the estate is likely liable. You may wish to consult a local attorney.
Good luck to you.
Michael S. Haber is a New York attorney. As such, his responses to posted inquiries, such as the one above, are limited to his understanding of law in the jurisdiction in which he practices and not to any other jurisdiction. In addition, no response to any posted inquiry should be deemed to constitute legal advice, nor to constitute the existence of an attorney/client or other contractual or fiduciary relationship, inasmuch as rendering legal advice involves the ability of the attorney to ask appropriate questions of the person seeking such advice and to thus gather appropriate information. In addition, an attorney/client relationship is formed only by specific agreement. The purpose of this answer is to provide the questioner with general information, not to outline specific legal rights and remedies.
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