Virginia Demand for Payment of an Open Account by Creditor is a legal document used by a creditor in the state of Virginia to request repayment of an outstanding debt from a debtor. This demand serves as a formal notice to the debtor, informing them about the overdue payment and requesting immediate settlement. In Virginia, there are two types of Demand for Payment of an Open Account by Creditor that may be used: 1. Virginia Demand for Payment of an Open Account by Creditor — General: This type of demand is utilized when a creditor seeks to collect payment for an open account that has gone unpaid. An open account refers to an ongoing business arrangement where goods or services are provided, and payment is expected to be made within a specified period. 2. Virginia Demand for Payment of an Open Account by Creditor — Promissory Note: This demand is used when the debt owed by the debtor is based on a written promissory note. Promissory notes are legal documents that outline the terms and conditions of a loan, including the repayment schedule and interest rate. Keywords: Virginia, Demand for Payment, Open Account, Creditor, Debtor, Repayment, Outstanding Debt, Formal Notice, Overdue Payment, Settlement, General, Promissory Note, Written, Terms and Conditions, Repayment Schedule, Interest Rate.
Virginia Demand for Payment of an Open Account by Creditor
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How to fill out Demand For Payment Of An Open Account By Creditor?
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Virginia Code § 64.2-550 states that said hearings can be held anytime the commissioner has before him the ?accounts of a personal representative of a decedent.? Virginia Code § 64.2-550 states the commissioner shall issue a report of ?all such debts or demands as have been sufficiently proved.? Thus, Virginia Code § ...
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, ...
This section shall be deemed to permit qualification without security where the personal representative is the only distributee or only beneficiary by virtue of one or more instruments of disclaimer filed prior to, or at the time of, such personal representative's qualification. § 64.2-505. When security not required - Virginia Law virginia.gov ? vacode ? chapter5 ? section64 virginia.gov ? vacode ? chapter5 ? section64
Any personal representative who has in good faith complied with the provisions of this section and has, in compliance with or, as subsequently approved by, the order of the court, paid and delivered the money or other estate in his possession to any party that the court has adjudged entitled thereto shall not be liable ... § 64.2-556. Order to creditors to show cause against distribution of estate ... virginia.gov ? vacode ? chapter5 ? section64 virginia.gov ? vacode ? chapter5 ? section64
No preference shall be given in the payment of any claim over any other claim of the same class, and a claim due and payable shall not be entitled to a preference over a claim not due. § 64.2-528. Order in which debts and demands of decedents to be paid virginia.gov ? vacode ? chapter5 ? section64 virginia.gov ? vacode ? chapter5 ? section64
Order of Priority to Pay ing to the Code of Virginia Section 64.2-528, there is an order in which the debts and liabilities of the estate must be paid. The indebtedness of the highest priority class of creditors must be paid before paying an inferior class.
The procedures for debts and demands is covered by Section 64.2-550, Code of Virginia (1950), as amended. The proceeding is initiated by a simple written request from the personal representative to the Commissioner of Accounts or request of a claimant (creditor) of the estate.
