                                 CODE OF VIRGINIA

WHEN FIDUCIARIES ARE PROTECTED BY REFUNDING BONDS (§ 64.2-555)

If any personal representative pays any legacy made in the will or distributes
any of the estate of the decedent and a proper refunding bond for what is so
paid or distributed, with sufficient surety at the time it was made, is filed
and recorded pursuant to § 64.2-554, such personal representative shall not be
personally liable for any debt or demand against the decedent, whether it be of
record or not, unless, within six months from his qualification or before such
payment or distribution, he had notice of such debt or demand. However, if any
creditor of the decedent establishes a debt or demand against the
decedent&#8217;s estate by judgment therefor or by confirmation of a report of
the commissioner of accounts that allows the debt or demand, a suit may be
maintained on such refunding bond, in the name of the obligee or his personal
representative, for the benefit of such creditor, and a recovery shall be had
thereon to the same extent that would have been had if such obligee or his
personal representative had satisfied such debt or demand.

HISTORY: Code 1950, § 64-168; 1968, c. 656, § 64.1-178; 2012, c. 614.