Legal Question in Business Law in Pennsylvania

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.

Asked on 11/27/98, 2:42 pm

1 Answer from Attorneys

Gerald Hershenson Law Office of Gerald M. Hershenson

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.

Gerald Hershenson

Law Office of Gerald M. Hershenson

506 Corporate Drive West

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Answered on 1/07/99, 5:10 pm

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