I know this has come up before, but I can't remember what I found out. We have two loans that are joint, husband and wife. The husband recently passed away. The wife wishes to keep the loans open versus paying them off and just remove the husband's name. They total right about $10,000.00 and are in good standing. Are there requirements of what we have to do or can we make the call?

You make the call.

Look at your agreements for events of default.

What does the event of default have to do with this? I noticed it was also mentioned in the general forum. The question does not appear to be asking if they can, or have to declare the debt due and payable. If that was the question then I would definitely agree they need to review their contract.

They are asking if they have the option to leave the account open in the surviving spouse's name and remove the deceased spouse's name from the contract. There is nothing in IN law that I am aware of that would prevent them from doing either through a complete refinance or a modification with a copy of the death certificate.

Dan, if the term “make the call” means they can make the decisions I agree with you. The term make the call for an old special asset person is calling the loan, i.e., making demand.

That is how I read the question, but I can see where one might read it as can they "make the call" as in calling the note due and payable. Especially an "old" special asset person.