Legal Question in Banking Law in Arkansas
Credit Life Dispute
My wife passed away last December. She had a personal loan with certificates of deposit for collateral. She was current on the payments. The loan had matured twice, the first maturity a new loan was written, same loan number with ''extension'' beside it. Both the first and second loans carried credit life. When that loan matured, they had her sign an extension form, no new loan. In the extension form it says that ''This agreement will not change any obligations or terms of the referenced loan.'' The bank is saying there is no credit life on the extension. Is credit life not part of the original terms and obligations?
1 Answer from Attorneys
Re: Credit Life Dispute
I would need to see both loan and credit life documents to advise.
The original credit life policy will have specific language on what loan is covered.
What is balance of loans?
What assets of estate are available to pay, if any?
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