When a Borrower Dies: Next Steps & Best Practices

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It could happen today – one of your borrowers dies while still owing on a loan or other obligation to your financial institution. In this situation, you must act swiftly to increase the chances of collecting on the loan and to avoid liability. What should you do? This webinar will thoroughly explain the proper procedures and processes to follow when a borrower dies, including the best practices used by other institutions.

HIGHLIGHTS

  • Does death constitute a default under the loan?
  • What if loan payments continue to be made by the deceased’s relative?
  • Is the deceased’s estate or surviving spouse liable for the loan?
  • Can you set-off the deceased’s deposit accounts for debts owed to your institution?
  • What if a probate estate is never opened regarding the deceased?
  • What are the special rules for home mortgage loans?

ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.

Originally recorded on June 29, 2017.

Recorded webinar link is available until December 31, 2017.

Free Digital Copy included with purchase to download and view beyond link expiration date.

Price includes sales tax.