payment of loan balance by defunct business
business partner & I borrowed money from private person & business no longer around & balance of loan being paid by each of us but private person died & partner does not want to pay her share. is she responsible for her portion & and she and i be sued for non-payment.
1 Answer from Attorneys
Re: payment of loan balance
There are many issues that you raise. To advise you properly I would need more information. I believe that both you and the partner can be sued. Some facts that are important would be if there is a written agreement to pay. The Estate of the deceased party would who would intiate a law suit. It is also possible that the Estate may compromise the debt. Your partner is resposible but I suggest that you have local counsel review this matter with you. The promise to pay can be establish by past payments.
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