Westcliffe, CO asked in Collections, Contracts and Probate for Colorado

Q: My friend signed a promissory note to me and loaned me money. Her husband didn't sign. She passed away and his attorney

Said I have to pay him. Not a problem. When he passes, I don't surely have to pay his heir? This note was not transferred by my friend to be collected. Husband is sole heir

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1 Lawyer Answer
Tristan Kenyon Schultz
Tristan Kenyon Schultz
  • Fort Collins, CO
  • Licensed in Colorado

A: It is correct that the note must be paid to the surviving spouse, his heirs, the executory of either person or any one who possesses the note. The promissory note is a "negotiable instrument" and can be transferred to anyone who can seek collection. If you don't pay, anyone holding the note can seek collections/court actions against you. Don't be one of those "friends"...

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