{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1045.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1045.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1045.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1045.html"}],"law_id":72430,"edition_id":1,"section_id":72430,"structure_id":15312,"section_number":"64.2-1045","catch_line":"Applicable value","history":"2022, c. 354.","full_text":"A\n\nA unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:1\n\nThe frequency of valuing the asset, which need not require a valuation in every period; and2\n\nThe date for valuing the asset in each period in which the asset is valued.B\n\nExcept as otherwise provided in subdivision B 2 of \u00a7 64.2-1047, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:1\n\nObtaining an appraisal of an asset for which fair market value is not readily available;2\n\nExclusion of specific assets or groups or types of assets;3\n\nOther exceptions or modifications of the treatment of specific assets or groups or types of assets;4\n\nIdentification and treatment of cash or property held for distribution;5\n\nUse of:\n\t\t\t\ta. An average of fair market values over a stated number of preceding periods; or\n\t\t\t\tb. Another mathematical blend of fair market values over a stated number of preceding periods;6\n\nA limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:\n\t\t\t\ta. The corresponding applicable value for the preceding period; or\n\t\t\t\tb. A mathematical blend of applicable values over a stated number of preceding periods;7\n\nA limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:\n\t\t\t\ta. The corresponding applicable value for the preceding period; or\n\t\t\t\tb. A mathematical blend of applicable values over a stated number of preceding periods;8\n\nThe treatment of accrued income and other features of an asset that affect value; and9\n\nDetermining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under subdivisions 1 through 8.","order_by":null,"text":{"0":{"id":260867,"text":"A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":260868,"text":"The frequency of valuing the asset, which need not require a valuation in every period; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":260869,"text":"The date for valuing the asset in each period in which the asset is valued.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":260870,"text":"Except as otherwise provided in subdivision B 2 of \u00a7 64.2-1047, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"B1"},"4":{"id":260871,"text":"Obtaining an appraisal of an asset for which fair market value is not readily available;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"5":{"id":260872,"text":"Exclusion of specific assets or groups or types of assets;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"6":{"id":260873,"text":"Other exceptions or modifications of the treatment of specific assets or groups or types of assets;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"7":{"id":260874,"text":"Identification and treatment of cash or property held for distribution;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"8":{"id":260875,"text":"Use of:\n\t\t\t\ta. An average of fair market values over a stated number of preceding periods; or\n\t\t\t\tb. Another mathematical blend of fair market values over a stated number of preceding periods;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"9":{"id":260876,"text":"A limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:\n\t\t\t\ta. The corresponding applicable value for the preceding period; or\n\t\t\t\tb. A mathematical blend of applicable values over a stated number of preceding periods;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"10":{"id":260877,"text":"A limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:\n\t\t\t\ta. The corresponding applicable value for the preceding period; or\n\t\t\t\tb. A mathematical blend of applicable values over a stated number of preceding periods;","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"11":{"id":260878,"text":"The treatment of accrued income and other features of an asset that affect value; and","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7","next_prefix":"B9"},"12":{"id":260879,"text":"Determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under subdivisions 1 through 8.","type":"section","prefixes":["B","9"],"prefix":"9","entire_prefix":"B9","prefix_anchor":"B9","level":2,"prior_prefix":"B8"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1045\/","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":[{"id":58297,"section_number":"64.2-1039","catch_line":"Definitions","order_by":null,"url":"\/64.2-1039\/"},{"id":76075,"section_number":"64.2-1043","catch_line":"Unitrust policy","order_by":null,"url":"\/64.2-1043\/"},{"id":66259,"section_number":"64.2-1046","catch_line":"Period","order_by":null,"url":"\/64.2-1046\/"},{"id":81750,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","order_by":null,"url":"\/64.2-1047\/"}],"refers_to":[{"id":81750,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","order_by":null,"url":"\/64.2-1047\/"}],"permalink":{"id":273933,"object_type":"law","relational_id":72430,"identifier":"64.2-1045","token":"64.2\/III\/10.1\/3\/64.2-1045","url":"\/64.2-1045\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1045\/","token":"64.2\/III\/10.1\/3\/64.2-1045","dublin_core":{"Title":"Applicable value","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1045","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A unitrust policy<\/span> must provide the method for determining the fair market value<\/span> of an asset for the purpose of determining the unitrust amount<\/span>, including: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The frequency of valuing the asset, which need not require a valuation in every period; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The date for valuing the asset in each period in which the asset is valued. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except as otherwise provided in subdivision B 2 of \u00a7 64.2-1047<\/a>, a unitrust policy<\/span> may provide methods for determining the amount of the net fair market value of the trust<\/span> to take into account in determining the applicable value<\/span>, including: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Obtaining an appraisal of an asset for which fair market value is not readily available; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Exclusion of specific assets<\/span> or groups or types of assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Other exceptions or modifications of the treatment of specific assets<\/span> or groups or types of assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Identification and treatment of cash or property held for distribution<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Use of:\n\t\t\t\ta. An average of fair market values<\/span> over a stated number of preceding periods; or\n\t\t\t\tb. Another mathematical blend of fair market values<\/span> over a stated number of preceding periods; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A limit on how much the applicable value<\/span> of all assets<\/span>, groups of assets<\/span>, or individual assets<\/span> may increase over:\n\t\t\t\ta. The corresponding applicable value<\/span> for the preceding period; or\n\t\t\t\tb. A mathematical blend of applicable values<\/span> over a stated number of preceding periods; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> A limit on how much the applicable value<\/span> of all assets<\/span>, groups of assets<\/span>, or individual assets<\/span> may decrease below:\n\t\t\t\ta. The corresponding applicable value<\/span> for the preceding period; or\n\t\t\t\tb. A mathematical blend of applicable values<\/span> over a stated number of preceding periods; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The treatment of accrued income<\/span> and other features of an asset that affect value; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Determining the liabilities of the trust<\/span>, including treatment of liabilities to conform with the treatment of assets<\/span> under subdivisions 1 through 8. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPLICABLE VALUE (\u00a7 64.2-1045)\n\nA. A unitrust policy must provide the method for determining the fair market\nvalue of an asset for the purpose of determining the unitrust amount, including:\n\n 1. The frequency of valuing the asset, which need not require a valuation in\n every period; and\n\n 2. The date for valuing the asset in each period in which the asset is valued.\n\nB. Except as otherwise provided in subdivision B 2 of \u00a7 64.2-1047, a unitrust\npolicy may provide methods for determining the amount of the net fair market\nvalue of the trust to take into account in determining the applicable value,\nincluding:\n\n 1. Obtaining an appraisal of an asset for which fair market value is not\n readily available;\n\n 2. Exclusion of specific assets or groups or types of assets;\n\n 3. Other exceptions or modifications of the treatment of specific assets or\n groups or types of assets;\n\n 4. Identification and treatment of cash or property held for distribution;\n\n 5. Use of:\n \t\t\t\ta. An average of fair market values over a stated number of preceding\n periods; or\n \t\t\t\tb. Another mathematical blend of fair market values over a stated number\n of preceding periods;\n\n 6. A limit on how much the applicable value of all assets, groups of assets,\n or individual assets may increase over:\n \t\t\t\ta. The corresponding applicable value for the preceding period; or\n \t\t\t\tb. A mathematical blend of applicable values over a stated number of\n preceding periods;\n\n 7. A limit on how much the applicable value of all assets, groups of assets,\n or individual assets may decrease below:\n \t\t\t\ta. The corresponding applicable value for the preceding period; or\n \t\t\t\tb. A mathematical blend of applicable values over a stated number of\n preceding periods;\n\n 8. The treatment of accrued income and other features of an asset that affect\n value; and\n\n 9. Determining the liabilities of the trust, including treatment of\n liabilities to conform with the treatment of assets under subdivisions 1\n through 8.\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}}