Article 466 of the 2015 Civil Code stipulates the borrower's obligation to repay debt as follows:
1. If the property is money, the borrower must repay the full amount when due; if the property is an object, the borrower must return an object of the same type, quantity and quality, unless otherwise agreed.
2. In case the borrower cannot return the item, he/she may pay in cash the value of the borrowed item at the place and time of repayment, if agreed by the lender.
3. The place of debt repayment is the place of residence or head office of the lender, unless otherwise agreed.
4. In case of an interest-free loan and the borrower fails to repay or does not repay in full when due, the lender has the right to request payment of interest at the interest rate prescribed in Clause 2, Article 468 of this Code on the overdue amount corresponding to the overdue period, unless otherwise agreed or otherwise provided by law.
In addition, Article 615 of the 2015 Civil Code stipulates the performance of property obligations left by the deceased as follows:
1. The beneficiaries of the inheritance are responsible for performing the property obligations within the scope of the inheritance left by the deceased, unless otherwise agreed.
2. In case the inheritance has not been divided, the property obligations left by the deceased shall be performed by the estate administrator according to the agreement of the heirs within the scope of the inheritance left by the deceased.
3. In case the inheritance has been divided, each heir shall perform the property obligations left by the deceased correspondingly but not exceeding the portion of the property he/she has received, unless otherwise agreed.
4. In case the heir is not an individual who inherits the estate according to the will, he/she must also perform the property obligations left by the deceased as an individual heir.
Thus, when the borrower dies, the heirs are responsible for fulfilling the property obligations within the scope of the inheritance left by this person, unless otherwise agreed, this only applies to the beneficiary of the inheritance. (The property obligation here is understood as the debt of the deceased while he was alive. Therefore, when they die, the deceased's inheritance will have to be used to pay that debt).
Note that the heir is only responsible for performing the deceased's obligations within the scope of the inheritance (unless otherwise agreed) and is not responsible for performing the excess portion. In other words, if the deceased's debt is greater than the value of the inheritance, the living person is not obligated to pay the difference.
The heir has the right to accept or refuse to accept the inheritance according to the provisions of Article 620 of the Civil Code, except in cases where the refusal of the inheritance is intended to avoid fulfilling his/her property obligations to others. If he/she accepts the inheritance, he/she must pay off all debts left by the deceased.
In this case, the children will be the heirs to the estate left by their parents and will be obligated to pay the debt.
MH (t/h)
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