Legal Question in Wills and Trusts in Illinois


i made a loan to a friend to help open a business she died but she signed a promissory note that her husband should pay me if something happens to her he made 2payments how do i collect the rest of the loan

Asked on 3/19/09, 12:04 pm

1 Answer from Attorneys

Adam S. Tracy Securities Compliance Group Ltd

Re: loan

Thank you for your question. The big issue is how the promissory note was written. In theory, at least, her estate should have become liable for the debt. If it wasnt paid, you could reopen her estate and seek to sell assets (no probably owned by the husband) to satisfy the note. Alternatively, again, depending on how the note was written, the husband would just become contractually obligated. In that instance, you would just need to bring a lawsuit against him.

Let me know if you have any further questions - you can email me direct: [email protected]

Adam Tracy

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Answered on 3/21/09, 2:46 pm

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