How are business loans handled when the loaning party dies?

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So my mother recently passed and she invested several hundred thousand in a friends business and he was paying her a yearly return at 10%. This agreement was in place to last another 5 years. 

So is the remaining 5 years of that agreement still valid or can the estate come after that money?

Is the loan taker obligated to now pay the 10% a year to the estate while it runs its course?