Virginia Code 64.2-526: What personal estate to be sold; use of proceeds.
A. Subject to the provisions of Article 2 (§ 64.2-309 et seq.) of Chapter 3 and excluding personal estate that the will directs not to be sold, the personal representative shall sell such assets of the personal estate where the retention of such assets is likely to result in an impairment of value. In conducting such a sale, the personal representative may give reasonable credit and take bond with good security.
Terms Used In Virginia Code 64.2-526
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Personal estate: includes chattels real and such other estate as, upon the death of the owner intestate, would devolve upon his personal representative. See Virginia Code 1-233
- 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
B. If, after the sale pursuant to subsection A, the personal estate is not sufficient to pay the funeral expenses, charges of administration, debts, and legacies, the personal representative shall sell so much of the remaining personal estate as is necessary to pay such obligations. In conducting such a sale, the personal representative shall give as much consideration as practicable to preserving specific bequests in the will and to the provisions of Article 2 (§ 64.2-309 et seq.) of Chapter 3.
C. Unless necessary for the payment of funeral expenses, charges of administration, or debts, the personal representative shall not sell personal estate that the will directs not to be sold.
Code 1950, §§ 64-143, 64-144, 64-145; 1966, c. 331; 1968, c. 656, §§ 64.1-153, 64.1-154, 64.1-155; 1981, c. 580; 2012, c. 614.