I cant get my head round this, in a loan agreement that I read recently apart from the usual scenarios that constitute defaults, the death of a borrower is also listed as a default.
If a loan has always been paid on time and there are no arrears, how can an account be automatically deemed to be in default on the borrowers death?
If a loan has always been paid on time and there are no arrears, how can an account be automatically deemed to be in default on the borrowers death?
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