64.1-143 - When personal representative may renew note, etc., of decedent.
§ 64.1-143. When personal representative may renew note, etc., of decedent.
In all cases when a decedent is the maker or one of the makers, a surety orone of the sureties or an endorser or one of the endorsers of any note orother obligation for the payment of money, which is due or past due at thedeath of the decedent, or shall thereafter become due prior to the settlementof the estate of the decedent, the decedent's personal representative mayexecute as such personal representative a new note, bond or other obligationfor the payment of money, in the same capacity as the decedent was obligated,for the same amount or less but not greater than the sum due, principal andinterest, on the original obligation, which shall be in lieu of theobligation of the decedent, whether made payable to the original holder oranother. And such representative may renew such note, bond or otherobligation for the payment of money from time to time, and such note, bond orother obligation so executed by the personal representative shall be bindingupon the estate of decedent to the same extent and in the same manner andwith the same effect that the original note, bond or other obligation soexecuted by the decedent was binding upon his estate; provided, that the timefor final payment of the note, bond or other obligation for the payment ofmoney, or any renewal thereof by the personal representative shall not extendbeyond a period of two years from the qualification of the original personalrepresentative as such upon the estate of the decedent, except upon the orderof a court of competent jurisdiction.
The execution of any note, bond or other obligation for the payment of moneyby the personal representative mentioned in the first paragraph of thissection shall not be held or construed to be binding upon the personalrepresentative personally.
(Code 1950, § 64-133; 1968, c. 656.)