Yes, their 'estate' is still owed the money.
If you signed a promissory note and the person decided not to sell you the car, you do not have tobpaybthe down payment. The person has already voided the promissory note by not selling to you.
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.
No. Without both signatures, the promissory note is not legal. As the other party is deceased, there is no way to collect that signature to make the note valid.
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
The deceased's estate acquires the power to enforce, or the responsibility to pay, the promissory note.
The note is no longer valid because it is a personal promissory note. If you want to honor it, that is your decision.
wording for promissory note with collateral
If the student dies, the loan dies with him/her. It's all in the fine print of the Master Promissory Note.
promissory note a written promise by a person or the maker.
No....a promissory note is not valid without a consideration.
She signed a promissory note as a commitment to repay the loan on time.
Yes. The co-holder of a promissory can assign their rights under the note to the other co-holder by a written, notarized instrument.