CanI collect monies my deceased husband loaned someone via a signed agreement?
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CanI collect monies my deceased husband loaned someone via a signed agreement?
My husband passed away 10 months ago. He gave his friend $8000 3 months before he passed away. Can I collect it legally? I am the executor of his Will. I have the copy of the agreement by and between my deceased husband and the person he loaned money to. This person is now working and has a regular paycheck.
Asked on October 8, 2011 under Bankruptcy Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. The executor of an estate is the fiduciary of the estate and has great powers to collect the debts owned to the decedent at the time of his or her death. In fact, it is your legal obligation to collect the funds on behalf of the estate. How you decide to collect is up to you. If the person is willing to repay the loan in full then you as the executor can issue a satisfaction once it is done. If you wish to accept payments in installments you need to find out if the law in your state will allow that (there may be requirements for the estate to close with in a certain time frame so the agreement can not violate those laws). Good luck to you.
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