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Earn +20 ptsQ: What is the legally bound obligation to pay debts called?
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Are father's unsecured debts transferrable to children in the UK?
Not unless the children have agreed to pay them. Companies may try to get you to pay them but as long as you have not signed anything you are not legally bound to pay them.
Funds or property that have value in meeting debts are called?
Funds or property that have value in meeting debts are called collateral. A+ answer- assets
What are business debts called?
Liabilities
What are the business debts called?
liabilities
Can an estate collect debt?
Yes, in fact it is the obligation of the estate to collect all valid debts owed to the decedent. Debts owed to a decedent are considered assets of the estate. The estate's representative has authority to demand that all debts owed to a decedent be paid to the estate. If the debtor refuses to pay, the estate representative has legal power to sue to collect those debts if it has to do so.
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