Debtor as representative: a debtor who becomes creditor's legal representative must hold and administer the debt for beneficiaries. When a debtor becomes the executor or other legal representative of the creditor, the debtor must hold the debt in trust and administer it for the benefit ... Summary
Debtor as representative: a debtor who becomes creditor's legal representative must hold and administer the debt for beneficiaries.
When a debtor becomes the executor or other legal representative of the creditor, the debtor must hold the debt in trust and administer it for the benefit of the persons entitled; the obligation to preserve, account for, and apply the claim follows from the debtor's representative capacity and precludes using the debt for the debtor's own advantage.
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