[WSBAPT] Creditor claim on debt not due
Jeff at bellanddavispllc.com
Jeff at bellanddavispllc.com
Thu Jan 5 15:48:13 PST 2023
Eric,
First, do the documents address what happens if the Maker dies before paying
the debt? Is there a provision for accelerating the obligation? A party to
a contract is, usually, not relieved of their obligation by death. Maybe,
practically, its ends the obligation, but if the party has assets, I think
not. If I was a creditor, I would file my claim for the full amount due.
Call it an anticipatory breach.
Jeff
W. Jeff Davis
BELL & DAVIS PLLC
Attorneys at Law
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email: jeff at bellanddavispllc.com <mailto:jeff at bellanddavispllc.com>
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Eric Nelsen
Sent: Thursday, January 5, 2023 3:40 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Creditor claim on debt not due
Conceptual problem and I'm interested in everyone's thoughts on this. The
creditor claim process specifically includes debts owed by the decedent that
are "not yet due." RCW 11.40.070(1)(e)
<https://app.leg.wa.gov/RCW/default.aspx?cite=11.40&full=true#11.40.070> .
Say the decedent dies in 2023 owing $50,000 that is due in monthly
installments over the next ten years.
How does the PR get this handled and the estate closed in a timely fashion?
Does the answer change depending on whether the debt is secured or
unsecured? Assume an intestate estate so RCW 11.12.070
<https://app.leg.wa.gov/RCW/default.aspx?cite=11.12.070> doesn't apply.
Sincerely,
Eric
Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
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eric at sayrelawoffices.com <mailto:eric at sayrelawoffices.com>
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