Virginia § 64.2-518 When personal representative may renew obligation of decedent

Virginia Statutes

§ 64.2-518 — When personal representative may renew obligation of decedent

Virginia § 64.2-518

JurisdictionVirginia

Title 64.2WILLS, TRUSTS, AND FIDUCIARIES

Subtitle IIWILLS AND DECEDENTS' ESTATES

Ch. 5PERSONAL REPRESENTATIVES AND ADMINISTRATION OF ESTATES

Art. 3AUTHORITY AND GENERAL DUTIES

This text of Virginia § 64.2-518 (When personal representative may renew obligation of decedent) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-518 (2026).

Text

A.When a decedent is obligated on any note, bond, or other obligation for the payment of money that is due at the time of the decedent's death, or becomes due prior to the settlement of the decedent's estate, the decedent's personal representative may execute, in the same capacity as the decedent was obligated, a new note, bond, or other obligation for the payment of money for no more than the same amount as the sum due on the original obligation, including both principal and interest, which shall be in lieu of the obligation of the decedent, whether made payable to the original holder or another. Any note, bond, or other obligation executed by the personal representative shall be binding upon the estate of the decedent to the same extent and in the same manner as the original note, bond,

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A. When a decedent is obligated on any note, bond, or other obligation for the payment of money that is due at the time of the decedent's death, or becomes due prior to the settlement of the decedent's estate, the decedent's personal representative may execute, in the same capacity as the decedent was obligated, a new note, bond, or other obligation for the payment of money for no more than the same amount as the sum due on the original obligation, including both principal and interest, which shall be in lieu of the obligation of the decedent, whether made payable to the original holder or another. Any note, bond, or other obligation executed by the personal representative shall be binding upon the estate of the decedent to the same extent and in the same manner as the original note, bond, or other obligation executed by the decedent.

B. The personal representative may renew such note, bond, or other obligation for the payment of money from time to time, provided, that the time for final payment of the note, bond, or other obligation, or any renewal thereof, shall not exceed two years from the qualification of the original personal representative, unless otherwise ordered by a court of competent jurisdiction.

C. The personal representative is not personally liable for any note, bond, or other obligation for the payment of money executed pursuant to this section.