{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1040.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1040.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1040.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1040.html"}],"law_id":63403,"edition_id":1,"section_id":63403,"structure_id":15312,"section_number":"64.2-1040","catch_line":"Application; duties and remedies","history":"2022, c. 354.","full_text":"A\n\nExcept as otherwise provided in subsection B, this article applies to:1\n\nAn income trust, unless the terms of the trust expressly prohibit use of this article by a specific reference to this article or an explicit expression of intent that net income not be calculated as a unitrust amount; and2\n\nAn express unitrust, except to the extent the terms of the trust explicitly:\n\t\t\t\ta. Prohibit use of this article by a specific reference to this article;\n\t\t\t\tb. Prohibit conversion to an income trust; or\n\t\t\t\tc. Limit changes to the method of calculating the unitrust amount.B\n\nThis article does not apply to a trust described in § 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii), or 2702(b) of the Internal Revenue Code of 1986, as amended.C\n\nAn income trust to which this article applies under subdivision A 1 may be converted to a unitrust under this article regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this article does not affect other terms of the trust concerning distributions of income or principal.D\n\nThis article applies to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust’s interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under this article.E\n\nThis article does not create a duty to take or consider action under this article or to inform a beneficiary about the applicability of this article.\n\t\t\tF A fiduciary that in good faith takes or fails to take an action under this article is not liable to a person affected by the action or inaction.","order_by":null,"text":{"0":{"id":231057,"text":"Except as otherwise provided in subsection B, this article applies to:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":231058,"text":"An income trust, unless the terms of the trust expressly prohibit use of this article by a specific reference to this article or an explicit expression of intent that net income not be calculated as a unitrust amount; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":231059,"text":"An express unitrust, except to the extent the terms of the trust explicitly:\n\t\t\t\ta. Prohibit use of this article by a specific reference to this article;\n\t\t\t\tb. Prohibit conversion to an income trust; or\n\t\t\t\tc. Limit changes to the method of calculating the unitrust amount.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":231060,"text":"This article does not apply to a trust described in § 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii), or 2702(b) of the Internal Revenue Code of 1986, as amended.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":231061,"text":"An income trust to which this article applies under subdivision A 1 may be converted to a unitrust under this article regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this article does not affect other terms of the trust concerning distributions of income or principal.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":231062,"text":"This article applies to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust’s interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under this article.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":231063,"text":"This article does not create a duty to take or consider action under this article or to inform a beneficiary about the applicability of this article.\n\t\t\tF A fiduciary that in good faith takes or fails to take an action under this article is not liable to a person affected by the action or inaction.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":15312,"edition_id":1,"name":"Unitrust","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 03:53:52","date_modified":"2026-06-26 03:53:52","permalink":{"id":273907,"object_type":"structure","relational_id":15312,"identifier":"3","token":"64.2\/III\/10.1\/3","url":"\/64.2\/III\/10.1\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13478,"edition_id":1,"name":"Uniform Fiduciary Income And Principal Act","identifier":"10.1","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:44:58","date_modified":"2026-06-26 03:44:58","permalink":{"id":273863,"object_type":"structure","relational_id":13478,"identifier":"10.1","token":"64.2\/III\/10.1","url":"\/64.2\/III\/10.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58297,"structure_id":15312,"section_number":"64.2-1039","catch_line":"Definitions","url":"\/64.2-1039\/","token":"64.2\/III\/10.1\/3\/64.2-1039","metadata":false},{"id":63403,"structure_id":15312,"section_number":"64.2-1040","catch_line":"Application; duties and remedies","url":"\/64.2-1040\/","token":"64.2\/III\/10.1\/3\/64.2-1040","metadata":false},{"id":74484,"structure_id":15312,"section_number":"64.2-1041","catch_line":"Authority of fiduciary","url":"\/64.2-1041\/","token":"64.2\/III\/10.1\/3\/64.2-1041","metadata":false},{"id":72707,"structure_id":15312,"section_number":"64.2-1042","catch_line":"Notice","url":"\/64.2-1042\/","token":"64.2\/III\/10.1\/3\/64.2-1042","metadata":false},{"id":76075,"structure_id":15312,"section_number":"64.2-1043","catch_line":"Unitrust policy","url":"\/64.2-1043\/","token":"64.2\/III\/10.1\/3\/64.2-1043","metadata":false},{"id":67457,"structure_id":15312,"section_number":"64.2-1044","catch_line":"Unitrust rate","url":"\/64.2-1044\/","token":"64.2\/III\/10.1\/3\/64.2-1044","metadata":false},{"id":72430,"structure_id":15312,"section_number":"64.2-1045","catch_line":"Applicable value","url":"\/64.2-1045\/","token":"64.2\/III\/10.1\/3\/64.2-1045","metadata":false},{"id":66259,"structure_id":15312,"section_number":"64.2-1046","catch_line":"Period","url":"\/64.2-1046\/","token":"64.2\/III\/10.1\/3\/64.2-1046","metadata":false},{"id":81750,"structure_id":15312,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","url":"\/64.2-1047\/","token":"64.2\/III\/10.1\/3\/64.2-1047","metadata":false}],"previous_section":{"id":58297,"structure_id":15312,"section_number":"64.2-1039","catch_line":"Definitions","url":"\/64.2-1039\/","token":"64.2\/III\/10.1\/3\/64.2-1039","metadata":false},"next_section":{"id":74484,"structure_id":15312,"section_number":"64.2-1041","catch_line":"Authority of fiduciary","url":"\/64.2-1041\/","token":"64.2\/III\/10.1\/3\/64.2-1041","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1040\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 354<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":273913,"object_type":"law","relational_id":63403,"identifier":"64.2-1040","token":"64.2\/III\/10.1\/3\/64.2-1040","url":"\/64.2-1040\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1040\/","token":"64.2\/III\/10.1\/3\/64.2-1040","dublin_core":{"Title":"Application; duties and remedies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1040","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as otherwise provided in subsection B, this article applies to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> An income trust<\/span>, unless the terms of the trust expressly prohibit use of this article by a specific reference to this article or an explicit expression of intent<\/span> that net income<\/span> not be calculated as a unitrust amount<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> An express unitrust<\/span>, except to the extent the terms of the trust explicitly:\n\t\t\t\ta. Prohibit use of this article by a specific reference to this article;\n\t\t\t\tb. Prohibit conversion to an income trust<\/span>; or\n\t\t\t\tc. Limit changes to the method of calculating the unitrust amount<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> This article does not apply to a trust described in § 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii), or 2702(b) of the Internal Revenue Code of 1986, as amended. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> An income trust<\/span> to which this article applies under subdivision A 1 may be converted to a unitrust under this article regardless of the terms of the trust concerning distributions<\/span>. Conversion to a unitrust under this article does not affect other terms of the trust concerning distributions<\/span> of income or principal<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> This article applies to an estate<\/span> only to the extent a trust is a beneficiary of the estate<\/span>. To the extent of the trust’s interest in the estate<\/span>, the estate<\/span> may be administered as a unitrust, the administration of the estate<\/span> as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount<\/span> may be changed, in the same manner as for a trust under this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> This article does not create a duty to take or consider action under this article or to inform a beneficiary about the applicability of this article.\n\t\t\tF A fiduciary<\/span> that in good faith takes or fails to take an action under this article is not liable to a person<\/span> affected by the action or inaction. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPLICATION; DUTIES AND REMEDIES (\u00a7 64.2-1040)\n\nA. Except as otherwise provided in subsection B, this article applies to:\n\n 1. An income trust, unless the terms of the trust expressly prohibit use of\n this article by a specific reference to this article or an explicit expression\n of intent that net income not be calculated as a unitrust amount; and\n\n 2. An express unitrust, except to the extent the terms of the trust\n explicitly:\n \t\t\t\ta. Prohibit use of this article by a specific reference to this article;\n \t\t\t\tb. Prohibit conversion to an income trust; or\n \t\t\t\tc. Limit changes to the method of calculating the unitrust amount.\n\nB. This article does not apply to a trust described in § 170(f)(2)(B),\n642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii), or 2702(b) of the Internal\nRevenue Code of 1986, as amended.\n\nC. An income trust to which this article applies under subdivision A 1 may be\nconverted to a unitrust under this article regardless of the terms of the trust\nconcerning distributions. Conversion to a unitrust under this article does not\naffect other terms of the trust concerning distributions of income or principal.\n\nD. This article applies to an estate only to the extent a trust is a beneficiary\nof the estate. To the extent of the trust’s interest in the estate, the\nestate may be administered as a unitrust, the administration of the estate as a\nunitrust may be discontinued, or the percentage or method used to calculate the\nunitrust amount may be changed, in the same manner as for a trust under this\narticle.\n\nE. This article does not create a duty to take or consider action under this\narticle or to inform a beneficiary about the applicability of this article.\n\t\t\tF A fiduciary that in good faith takes or fails to take an action under this\narticle is not liable to a person affected by the action or inaction.\n\nHISTORY: 2022, c. 354.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}