                                 CODE OF VIRGINIA

WHEN PERSONAL REPRESENTATIVE MAY RENEW OBLIGATION OF DECEDENT (§ 64.2-518)

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&#8217;s death, or
becomes due prior to the settlement of the decedent&#8217;s estate, the
decedent&#8217;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.

HISTORY: Code 1950, § 64-133; 1968, c. 656, § 64.1-143; 2012, c. 614.