If promissory note was assigned to third party and both originating parties are deceased, is the note legal and binding?
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If promissory note was assigned to third party and both originating parties are deceased, is the note legal and binding?
The estate is insolvent. Is the executrix liable?
Asked on September 25, 2012 under Estate Planning, Virginia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the person who is obligated under the promissory note that you have written about has passed leaving an estate with no assets, the person holding the note is out of luck. He or she gets nothing. The executrix of the deceased person's estate is not obligated under the note if she did not sign it.
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