Legal Question in Credit and Debt Law in Illinois

lender of promissory note dies before note is repaid

What happens in the case where a lender of a term promissory note dies before the money is repaid? Does the note become invalid or can the spouse of the lender attempt to collect on the note, even if the note is only signed between the lender and borrower? Does the note go to the lenders estate? Thank you


Asked on 7/15/04, 2:52 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: lender of promissory note dies before note is repaid

In most cases, the borrower will be obligated to the estate under the terms of the note.

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Answered on 7/15/04, 6:39 pm


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