Legal Question in Wills and Trusts in California
Interest on Deceased customer loan
Once a customer is deceased, is it legal to continue to charge interest on a simple interest home improvement loan?
Asked on 5/05/05, 11:07 am
1 Answer from Attorneys
Gregory Broiles
Legacy Planning Law Group
Re: Interest on Deceased customer loan
Generally, yes. The death of the debtor does not extinguish the creditor's right to the amount owed, or the right to collect the agreed-upon interest. However, through the probate process, it may be possbile to limit or extinguish the creditor's claim against the estate, depending on the circumstances.
Answered on 5/06/05, 12:21 am
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