CanI collect monies my deceased husband loaned someone via a signed agreement?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption