Does an MCA loan require repayment when a business closes or the owner dies, or can repayment be avoided if no default occurs according to contract language and North Carolina law?

Probate Q&A Series

Do I Have to Repay MCA Loans Following Business Closure? Do I Have to Repay Merchant Cash Advance (MCA) Loans Following Business Closure? When faced with business failure or the liquidation of an estate, a common concern is whether Merchant Cash Advance (MCA) loans need to be repaid. In many cases, MCA agreements are structured…

How can MCA loans avoid triggering repayment obligations in bankruptcy or probate cases under North Carolina law, and what contract terms or legal factors might render these debts unenforceable?

Probate Q&A Series

FAQ: Why Might MCA Loans Not Trigger Repayment Obligations in Bankruptcy and Probate Cases? FAQ: Why Might MCA Loans Not Trigger Repayment Obligations in Bankruptcy and Probate Cases? Detailed Answer In certain instances, Merchant Cash Advance (MCA) loans may not trigger repayment obligations during bankruptcy or probate proceedings. North Carolina law provides that a business’s…

How does North Carolina probate administration manage early distributions and real property expense receipts, and what steps must be taken—with proper documentation and receipt acknowledgments—to resolve disputes and ensure accurate accounting of estate expenses?

Probate Q&A Series

How Are Early Distributions and Real Property Expense Receipts Handled During Probate Administration in North Carolina? How Are Early Distributions and Real Property Expense Receipts Handled During Probate Administration in North Carolina? In North Carolina, the probate administration process involves several key milestones, one of which is the preparation and submission of various accountings. A…

How can a North Carolina personal representative resolve disputes over early real property expense receipts during probate while ensuring proper documentation and fair distribution among heirs?

Probate Q&A Series

How Are Disputes Over Early Real Property Expense Receipts Resolved in Probate? How Are Disputes Over Early Real Property Expense Receipts Resolved in Probate? In North Carolina probate cases, disputes often arise when heirs challenge receipts or acknowledgements regarding early distributions involving real property expenses. When the personal representative uses estate funds for expenditures related…

How should I handle disputes when heirs challenge early distribution receipts for real property expenses during North Carolina probate administration?

Probate Q&A Series

What Should I Do if Heirs Dispute Early Distribution Receipts for Real Property Expenses? What Should I Do if Heirs Dispute Early Distribution Receipts for Real Property Expenses? Detailed Answer In a probate administration, early distributions are sometimes necessary before the final accounting is completed. These distributions may include funds spent on expenses for real…

How should probate administrators in North Carolina handle disputes among heirs over early distributions and real property expenses during estate administration?

Probate Q&A Series

How Should I Handle Heir Disputes Over Early Distributions and Real Property Expenses in Probate Administration? Detailed Answer In North Carolina probate administration, early distributions refer to funds or property transferred to heirs before the final accounting is approved. When early distributions involve expenses for real property maintenance or improvements, problems may arise if heirs…

Conditional Sale Provisions in Handwritten Wills: Navigating North Carolina Inheritance and Mortgage Responsibilities

Probate Q&A Series

FAQ: Must I Split the Proceeds from an Inherited Home with Conditional Sale Language? FAQ: Must I Split the Proceeds from an Inherited Home with Conditional Sale Language? Detailed Answer When a property is inherited through a handwritten will in North Carolina, any language setting forth conditions—such as selling the property if a mortgage cannot…

Conditional Sale Provisions in Handwritten Wills: Navigating North Carolina Probate Law Enforcement

Probate Q&A Series

Is a Handwritten Will’s Conditional Sale Provision Enforceable Under North Carolina Law? Is a Handwritten Will’s Conditional Sale Provision Enforceable Under North Carolina Law? In North Carolina, a handwritten will is enforceable if it meets the statutory requirements. However, when a will contains conditional language regarding the disposition of real property—such as a provision stating…