0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What happens to a promissory note when the person it is endorsed to dies?
Let me get this straight, the borrower and lender enter into an agreement and sign a promisory note to secure it. The lender dies, and the debt has not been fully repaid. Easy, the borrower still owes the estate of the deceased lender.
What happens when a promissory note is signed by two people and one dies?
The deceased's estate acquires the power to enforce, or the responsibility to pay, the promissory note.
Who signs a promissory note?
The most important signature on a promissory note is the borrower. Many are also signed by the lender.
Who are the original parties to the promissory note?
The borrower and the lender.
Does a loan become a gift if the lender dies?
Not unless there was such language in the promissory note or the lender directed that loans would be forgiven upon her death in her will. Otherwise the debt would be owed to the decedent's heirs.
How can you get out of a promissory note?
If you are the debtor you must pay the debt and have the lender sign a release.
A personal promissory note was drawn between two individuals in the state of Texas and the lender since died. How long does the executor have to enforce the promissory note. Is it still valid?
The note is no longer valid because it is a personal promissory note. If you want to honor it, that is your decision.
When a promissory note is used when financing a home with a national bank who owns the note the borrower or the lender?
The borrower "gives" the note to the lender... so the lender owns the note which, by definition, simply means the promise to pay a sum certain within a particular time. Therefore, the lender can sell the note!
What is the definition of demand promissory note?
A promissory note is defined as an instrument in writing (not being a bank note or a currency note), containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to or to the order of a certain person, or to the bearer of the instrument.
Can the borrower on a promissory note transfer the debt to another borrow without lender approval?
Is not possibile.
What happens if you don't sign a promissory note?
You don't get the loan
What if the person dies and you have a promissory note with them do you still have to pay?
Yes, their 'estate' is still owed the money.
