§ 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 or one of the sureties or an endorser or one of the endorsers of any note or other obligation for the payment of money, which is due or past due at the death of the decedent, or shall thereafter become due prior to the settlement of the estate of the decedent, the decedent's personal representative may execute as such personal representative a new note, bond or other obligation for 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 and interest, on the original obligation, which shall be in lieu of the obligation of the decedent, whether made payable to the original holder or another. And such representative may renew such note, bond or other obligation for the payment of money from time to time, and such note, bond or other obligation so executed by the personal representative shall be binding upon the estate of decedent to the same extent and in the same manner and with the same effect that the original note, bond or other obligation so executed by the decedent was binding upon his estate; provided, that the time for final payment of the note, bond or other obligation for the payment of money, or any renewal thereof by the personal representative shall not extend beyond a period of two years from the qualification of the original personal representative as such upon the estate of the decedent, except upon the order of a court of competent jurisdiction.
The execution of any note, bond or other obligation for the payment of money by the personal representative mentioned in the first paragraph of this section shall not be held or construed to be binding upon the personal representative personally.
(Code 1950, § 64-133; 1968, c. 656.)
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