Is there a specific period within which the bank and the heirs must settle the borrower’s outstanding loan?

Pursuant to Article 1072-2 of the Civil Code of the Republic of Kazakhstan, an inheritance may be accepted within six months from the date the inheritance is opened.

If the inheritance is opened on the date of the presumed death of a citizen or upon the citizen being declared deceased (paragraph 2 of Article 1042 of the Civil Code of the Republic of Kazakhstan), the inheritance may be accepted within six months from the date of the deceased’s death or, in the case of a person being declared deceased, from the date on which the court decision declaring the citizen deceased enters into legal force, unless the court decision specifies another date.

If the right to inherit arises for other persons as a result of an heir renouncing the inheritance, another heir failing to accept the inheritance, or an heir being excluded from inheritance on the grounds established by Article 1045 of the Civil Code of the Republic of Kazakhstan, such persons may accept the inheritance within six months from the date on which their right to inherit arises.

At the same time, the legislation provides for a procedure for restoring an expired deadline for accepting an inheritance.

Pursuant to Article 1072-3 of the Civil Code of the Republic of Kazakhstan, upon an application by an heir who has missed the deadline established for accepting an inheritance (Article 1072-2 of the Civil Code of the Republic of Kazakhstan), the court may restore the deadline and recognize the heir as having accepted the inheritance if the heir missed the deadline for valid reasons, provided that the heir applies to the court within six months after the circumstances that caused the missed deadline have ceased to exist.

When recognizing an heir as having accepted the inheritance, the court determines the shares of all heirs in the inherited property and, where necessary, measures to protect the rights of the new heir to receive the share of the inheritance due to them. Previously issued certificates of inheritance rights are declared invalid by the court.

Thus, the legislation does not establish a specific deadline for settling the repayment of the debt of a deceased borrower. The timeframe for resolving this matter may depend on the acceptance of the inheritance, determination of the heirs, the existence of court disputes, and other circumstances related to the formalization of inheritance rights.