> Discuss Your Legal Issue > Ask a Lawyer > Debtor and Creditor > I owe a president of a corporation 30,000 for a secured loan. He died. Daughter wants to assume the loan in her name. Is that legal?

I owe a president of a corporation 30,000 for a secured loan. He died. Daughter wants to assume the loan in her name. Is that legal?

1 Answers. Asked on Mar 14th, 2017 on Debtor and Creditor - Florida
More details to this question:
Loan was payable to the Corp. President. He told me if he died the loan would be forgiven, (Not in writting) His only heir, his daughter says she wants the loan changed to her personal name so I have to pay her. This loan is part of security for a liquor loan in Florida.
Answers Showing 1 out of 1
Answered on Mar 14th, 2017 at 11:16 AM

The 'ol "he said if he died I don't owe anything" story will simply not get far here even if it were true. This will revlve around the terms and condition of the loan paperwork and you may well simply owe the money to the estate. You may want to hire a lawyer and see if you can negotiate a lesser amount paid in settlement if possible. 

All responses are NOT to be considered legal advice nor to be relied upon in any as such nor to establish any form of attorney/client relationship. Opinions expressed are solely informational and not a substitute for proper legal advice provided by a properly retained after thoroughly researching the issues presented.

Report Abuse
Debtor and Creditor
Just because you owe money to another person, a bank, credit card company, landlord or another party doesn't mean you've signed away your legal rights. Federal and state debtor-creditor laws explain both the legal rights and obligations of debtors (people who owe money) and creditors (those who are owed money). If you're being hounded by collection agencies and debt collectors, talk to a debtor and creditor attorney who can help you enforce your legal rights while also working to explore debt relief options. Your lawyer can discuss the pros and cons of debt settlement, garnishment, personal bankruptcy and other possible solutions.
Have an Debtor and Creditor Question?
It’s Free & Easy.
Ask a Lawyer
Top Contributing Lawyers
Mark Tischhauser, Esq.

Attorney - Florida

328 Answers, 20 Legal Topics

Patrick Johnson

Attorney - Tennessee

242 Answers, 45 Legal Topics

Michael D. Siegel

Attorney - New York

163 Answers, 24 Legal Topics

Michael E. Fiffik

Attorney - Pennsylvania

107 Answers, 19 Legal Topics

Lori Nevias

Attorney - New York

83 Answers, 37 Legal Topics

Edward J. Dimon

Attorney - New Jersey

80 Answers, 19 Legal Topics

Anthony John Van Zwaren, Esq.

Attorney - New Jersey

76 Answers, 17 Legal Topics

Debtor and Creditor Local Law Firms  
In United States change location
Please select state Update
Helgesen, Houtz & Jones

South Ogden, UT

| Contact Now

The Dann Law Firm Co. LPA

Cleveland, OH

| Contact Now

Do It Yourself Legal Forms

Popular Forums