Virginia Code 64.2-554: When distribution may be required; refunding bond.
A personal representative shall not be compelled to pay any legacy made in the will or to distribute the estate of the decedent for six months from the date of the order conferring authority on the first executor or administrator of such decedent and, except when it is otherwise specifically provided for in the will, the personal representative shall not be compelled to make such payment or distribution until the legatee or distributee gives a bond, executed by himself or some other person, with sufficient surety, to refund a due proportion of any debts or demands subsequently proved against the decedent or the decedent’s estate and of the costs of the recovery of such debts or demands. Such bond shall be filed and recorded in the clerk’s office of the court that may have decreed such payment or distribution or in which the accounts of such representative may be recorded.
Terms Used In Virginia Code 64.2-554
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Legacy: A gift of property made by will.
- Legatee: A beneficiary of a decedent
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Personal representative: includes the executor under a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 64.2-100
Code 1950, § 64-167; 1968, c. 656, § 64.1-177; 2012, c. 614.