Virginia § 64.2-1057 Liquidating asset

Virginia Statutes

§ 64.2-1057 — Liquidating asset

Virginia § 64.2-1057

JurisdictionVirginia

Title 64.2Wills, Trusts, and Fiduciaries

Subtitle IIITrusts

Ch. 10.1Uniform Fiduciary Income And Principal Act

Art. 6Allocation of Receipts: Receipts Normally Apportioned

This text of Virginia § 64.2-1057 (Liquidating asset) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-1057 (2026).

Text

A.As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. "Liquidating asset" includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance.

B.This section does not apply to a receipt subject to § 64.2-1048, 64.2-1056, 64.2-1058, 64.2-1059, 64.2-1061, 64.2-1062, 64.2-1063, or 64.2-1066.

C.A fiduciary shall allocate:

1.To income:

a.A receipt produced by a liquidating asset, to the extent the receipt does not exceed four percent of the value of the asset; or

b.If the fiduciary cannot determine the value of the asset,

Free access — add to your briefcase to read the full text and ask questions with AI

A. As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. "Liquidating asset" includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance.

B. This section does not apply to a receipt subject to § 64.2-1048, 64.2-1056, 64.2-1058, 64.2-1059, 64.2-1061, 64.2-1062, 64.2-1063, or 64.2-1066.

C. A fiduciary shall allocate:

1. To income:

a. A receipt produced by a liquidating asset, to the extent the receipt does not exceed four percent of the value of the asset; or

b. If the fiduciary cannot determine the value of the asset, 10 percent of the receipt; and

2. To principal, the balance of the receipt.