Expert: Charles W. Field - 4/22/2004

Question
i signed a promissory note for 7000 .the note was to my grandmother .she has now passed away and i want to pay this note .she has 5 children and she had no will.do i just split the money 5 ways .any help will be gretatly appreciated .how should i send the money and what should i say in the letter that i send with the money  

Answer
I would just send a regular check to each of her children with a note to the effect of "You may not have known this, but Grandma loaned me $7,000.00. Enclosed is my check for $1,400.00, representing one-fifth of the debt. My prayers are with you, etc., etc." On the off-chance that one or more or her children will want to try and beat you out of interest, you should put on each check something like: "Payment in full" in the "For" blank.
My condolences on the loss of your grandmother.