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loan covered by insurance

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1 loan covered by insurance on Wed Jan 11, 2012 5:23 pm


Arresto Menor
A friend borrowed 50,000 with collateral from a bank and was insured for said amount. However, she died last August which incidentally coincided with maturity of her loan. Insurance proceeds for 50,000 arrived after 4 months. Is the beneficiary or estate still liable to pay the interest or penalties that accrued on the 4 month delay? thanks.

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2 Re: loan covered by insurance on Wed Jan 11, 2012 10:24 pm


Arresto Mayor
....legally speaking, yes.
....the loan agreement is the law between the parties and as such, it must be complied in good faith. this applies even if the original party is dead because he/she may be substituted by his/her estate or the heirs.

....nonetheless, just try talking with the bank manager or whoever is in charge, they might be willing to enter into a compromise....

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3 Re: loan covered by insurance on Thu Jan 12, 2012 11:13 am


Arresto Menor

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