promissory note collection after spouses death
If the husband has a sole proship. business and has personally signed promissory notes and has given us business checks to cover the entire principal...two days before his unexpected death...is his estate responsible for the debt? He has alot of property and we think life ins. Is his wife responsible for the debt. How do we go about collecting??? thank you!
1 Answer from Attorneys
Re: promissory note collection after spouses death
If the checks were written prior to death, they should be honored by the business checking account on which drawn. If funds are insufficient, the estate would pay. The wife or others are NOT liable. If amount is substantial, it may pay to hire an experienced business attorney to obtain payment. Call or e-mail for further assistance.