Legal Question in Wills and Trusts in Arizona
WTD when holder of promissory note dies
Signed promissory note to an individual who died unexpectedly a few weeks later. Unknown whether he left a will. Who to send payments to? Next of kin? Unknown executor? Next of kin's lawyer?
Asked on 8/30/06, 8:23 pm
1 Answer from Attorneys
Donald Scher
Donald T. Scher & Associates, P.C.
Re: WTD when holder of promissory note dies
Until a personal representative of the estate is appointed by the court, you could send the payments to the order of the note holder at the address provided. The note is an asset of the estate of the deceased, and the court will determine who is entitled to the proceeds of the note, and the personal representative is charged with the duty to gather the assets of the estate.
Answered on 8/31/06, 12:22 am
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