Loan or credit

Considering that under Spanish law, by the mere fact of the death, heirs succeed the deceased in all their rights and obligations, banks with which a deceased customer had mortgage loans or any other debts must change those loans or debts into the name of the deceased customer’s heirs.

If the division document (cuaderno particional) stipulates that, as the result of an agreement between the heirs, one or more of them rather than all of them shall assume the debt, the express consent of the bank shall be needed to change the name of the debtor in accordance with the terms of division and distribution of the inheritance, freeing the relevant heirs from any liability in this respect, without the bank being obliged to do so merely on account of the fact that an agreement between heirs is in place.

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