I purchased 1/2 of a company from my business partner 6 years ago but she passed away, do I still owe my annual payment to her children?

I purchased 1/2 of a company from my business partner 6 years ago but she passed away, do I still owe my annual payment to her children?

I was to make yearly payments to her over a period of 10 years. She died last year. We are getting ready to pay out profit distribution for last year, which I normally use to make my yearly payment back to her. I have the money in hand and because it was a personal loan between her and I, I would normally pay directly back to her. Because she has 4 children who inherited everything, I am getting ready to send a check to each one of them for the yearly payment.

Asked on December 19, 2012 under Business Law, Texas

Answers:

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