§ 64.2-1051 — Principal receipts

Virginia § 64.2-1051

• Jurisdiction: Virginia
• Title 64.2: Wills, Trusts, and Fiduciaries
• Subtitle III: Trusts
• Ch. 10.1: Uniform Fiduciary Income And Principal Act
• Art. 5: Allocation of Receipts: Receipts Not Normally Apportioned

Text

A fiduciary shall allocate to principal:

1. To the extent not allocated under this chapter, an asset received from:

a. An individual during the individual's lifetime;

b. An estate;

c. A trust on termination of an income interest; or

d. A payor under a contract naming the fiduciary as beneficiary;

2. Except as otherwise provided in this article, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;

3. An amount recovered from a third party to reimburse the fiduciary because of a disbursement described in subsection A of § 64.2-1065 or for another reason to the extent not based on loss of income;

4. Proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the period;

5. Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and

6. Other receipts as provided in Article 6 (§ 64.2-1055 et seq.).

Legislative History

2022, c. 354.