Legal Question in Credit and Debt Law in Tennessee
Death of Creditor
I got a personal loan from a friend and we drew up some papers on it. He recently passed away. I was wandering if by law I am supposed to repay a member of his family. On the contract, the person for me to pay was him only. There were no provisions on it in case of death.
1 Answer from Attorneys
Re: Death of Creditor
There may be other things happening here, so I will start out by saying that you need to visit an Attorney and have him/her read your contract and ask you necessarry questions. Based on the general sketch you provided, his heirs, whomever they may be, now have a right to the contract, and you probably have to pay them. My guess is that it is part of his heritable estate. The debt does not go away. It is an asset of his which will pass. Did he have a will?
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