64.1-158 - Creditors to be paid in order of their classification; class paid ratably; when representative not liable for paying debt of inferior dignity. - Virginia Statutes

§ 64.1-158. Creditors to be paid in order of their classification; class paidratably; when representative not liable for paying debt of inferior dignity.

No payment shall be made to creditors of any one class until all those of thepreceding class or classes shall be fully paid; and when the assets are notsufficient to pay all the creditors of any one class, the creditors of suchclass shall be paid ratably; but a personal representative who, after twelvemonths from his qualification, pays a debt of his decedent, shall not therebybe personally liable for any debt or demand against the decedent of equal orsuperior dignity, whether it be of record or not, unless before such paymenthe shall have notice of such debt or demand.

(Code 1950, § 64-148; 1968, c. 656.)