Legal Question in Wills and Trusts in California

Probate Question: I am Executor of an Estate... received a creditors claim. The decendent has a loan on a boat (valued at $350,000 and the loan is $264,000). The boat is up for sale now. How long do I have to pay the creditors claim after I accept the claim? Can we give the boat to the bank instead of the cash? Thanks for your help.


Asked on 3/04/11, 6:36 pm

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

You have a reasonable period of time in which to pay a claim, which means you have a great deal of discretion and flexibility. Most creditors are happy they will be paid and are willing to wait. Not have the money to pay the claim until later when the boat sells is a legitimate reason for making the payment later. No lender wants to take the secured property back instead of the money.

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Answered on 3/04/11, 9:42 pm


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