What happens to business loan when a borrower dies?

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Accountant
98 Points Posted on 12 June 2021

Dear Experts,

What is the right of the lender of secured business loan if the borrower dies before repayment of such loan? Is there any relief available for the spouse or family of the deceased borrower?

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On 12 June 2021 at 21:11 Report
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Quick Summary
This discussion explores what happens to a secured business loan when the borrower passes away. It questions the lender's rights concerning collateral and asks if any relief is available for the deceased's spouse or family. The general consensus is that the loan must be repaid, or the collateral will be seized by the bank.

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My grammar is 💯 good I
7306 Points Posted on 13 June 2021

Collateral and properties on the deceased persons name will be ceased

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On 13 June 2021 at 04:12
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3134 Points Posted on 15 June 2021

I don't think any relief is provided in the re-payment of loans. The amount needs to be paid or else the collateral would be ceased by bank

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On 15 June 2021 at 12:03

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