§ 64.2-1051 Principal receipts
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.).
History
This law was first created in 2022. The record of its establishment is cataloged in chapter 354 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2022, c. 354.