{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1046.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1046.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1046.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1046.html"}],"law_id":66259,"edition_id":1,"section_id":66259,"structure_id":15312,"section_number":"64.2-1046","catch_line":"Period","history":"2022, c. 354.","full_text":"A\n\nA unitrust policy must provide the period used under \u00a7\u00a7 64.2-1044 and 64.2-1045. Except as otherwise provided in subdivision B 3 of \u00a7 64.2-1047, the period may be:1\n\nA calendar year;2\n\nA 12-month period other than a calendar year;3\n\nA calendar quarter;4\n\nA three-month period other than a calendar quarter; or5\n\nAnother period.B\n\nExcept as otherwise provided in subsection B of \u00a7 64.2-1047, a unitrust policy may provide standards for:1\n\nUsing fewer preceding periods under subdivision A 2 b, B 3, or B 4 of &#xA7; 64.2-1044 if:\n\t\t\t\ta. The trust was not in existence in a preceding period; or\n\t\t\t\tb. Market indices or other published data are not available for a preceding period;2\n\nUsing fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7 b of &#xA7; 64.2-1045 if:\n\t\t\t\ta. The trust was not in existence in a preceding period; or\n\t\t\t\tb. Fair market values are not available for a preceding period; and3\n\nProrating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.","order_by":null,"text":{"0":{"id":240642,"text":"A unitrust policy must provide the period used under \u00a7\u00a7 64.2-1044 and 64.2-1045. Except as otherwise provided in subdivision B 3 of \u00a7 64.2-1047, the period may be:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":240643,"text":"A calendar year;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":240644,"text":"A 12-month period other than a calendar year;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":240645,"text":"A calendar quarter;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":240646,"text":"A three-month period other than a calendar quarter; or","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":240647,"text":"Another period.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":240648,"text":"Except as otherwise provided in subsection B of \u00a7 64.2-1047, a unitrust policy may provide standards for:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5","next_prefix":"B1"},"7":{"id":240649,"text":"Using fewer preceding periods under subdivision A 2 b, B 3, or B 4 of &#xA7; 64.2-1044 if:\n\t\t\t\ta. The trust was not in existence in a preceding period; or\n\t\t\t\tb. Market indices or other published data are not available for a preceding period;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"8":{"id":240650,"text":"Using fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7 b of &#xA7; 64.2-1045 if:\n\t\t\t\ta. The trust was not in existence in a preceding period; or\n\t\t\t\tb. Fair market values are not available for a preceding period; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"9":{"id":240651,"text":"Prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1046\/","history_text":"<p>This law was first created in 2022. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?221+ful+CHAP0354\">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":76075,"section_number":"64.2-1043","catch_line":"Unitrust policy","order_by":null,"url":"\/64.2-1043\/"},{"id":81750,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","order_by":null,"url":"\/64.2-1047\/"}],"refers_to":[{"id":67457,"section_number":"64.2-1044","catch_line":"Unitrust rate","order_by":null,"url":"\/64.2-1044\/"},{"id":72430,"section_number":"64.2-1045","catch_line":"Applicable value","order_by":null,"url":"\/64.2-1045\/"},{"id":81750,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","order_by":null,"url":"\/64.2-1047\/"}],"permalink":{"id":273937,"object_type":"law","relational_id":66259,"identifier":"64.2-1046","token":"64.2\/III\/10.1\/3\/64.2-1046","url":"\/64.2-1046\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1046\/","token":"64.2\/III\/10.1\/3\/64.2-1046","dublin_core":{"Title":"Period","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1046","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> A <span class=\"dictionary\">unitrust policy<\/span> must provide the period used under \u00a7\u00a7&nbsp;<a class=\"law\" title=\"Unitrust rate\" href=\"\/64.2-1044\/\">64.2-1044<\/a> and <a class=\"law\" title=\"Applicable value\" href=\"\/64.2-1045\/\">64.2-1045<\/a>. Except as otherwise provided in subdivision B 3 of \u00a7&nbsp;<a class=\"law\" title=\"Special tax benefits; other rules\" href=\"\/64.2-1047\/\">64.2-1047<\/a>, the period may be: <a id=\"paragraph-240642\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> A calendar year; <a id=\"paragraph-240643\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> A 12-month period other than a calendar year; <a id=\"paragraph-240644\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> A calendar quarter; <a id=\"paragraph-240645\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#A3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> A three-month period other than a calendar quarter; or <a id=\"paragraph-240646\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#A4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A5\" class=\"indent-1\"><p><span class=\"prefix-number\">5.<\/span> Another period. <a id=\"paragraph-240647\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#A5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Except as otherwise provided in subsection B of \u00a7&nbsp;<a class=\"law\" title=\"Special tax benefits; other rules\" href=\"\/64.2-1047\/\">64.2-1047<\/a>, a <span class=\"dictionary\">unitrust policy<\/span> may provide standards for: <a id=\"paragraph-240648\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> Using fewer preceding periods under subdivision A 2 b, B 3, or B 4 of &#xA7; <a class=\"law\" title=\"Unitrust rate\" href=\"\/64.2-1044\/\">64.2-1044<\/a> if:\n\t\t\t\ta. The <span class=\"dictionary\">trust<\/span> was not in existence in a preceding period; or\n\t\t\t\tb. Market indices or other published data are not available for a preceding period; <a id=\"paragraph-240649\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#B1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Using fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7 b of &#xA7; <a class=\"law\" title=\"Applicable value\" href=\"\/64.2-1045\/\">64.2-1045<\/a> if:\n\t\t\t\ta. The <span class=\"dictionary\">trust<\/span> was not in existence in a preceding period; or\n\t\t\t\tb. Fair market <span class=\"dictionary\">values<\/span> are not available for a preceding period; and <a id=\"paragraph-240650\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#B2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Prorating the <span class=\"dictionary\">unitrust amount<\/span> on a daily basis for a part of a period in which the <span class=\"dictionary\">trust<\/span> or the administration of the <span class=\"dictionary\">trust<\/span> as a unitrust or the interest of any beneficiary commences or terminates. <a id=\"paragraph-240651\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/64.2-1046\/#B3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPERIOD (\u00a7 64.2-1046)\n\nA. A unitrust policy must provide the period used under \u00a7\u00a7 64.2-1044 and\n64.2-1045. Except as otherwise provided in subdivision B 3 of \u00a7 64.2-1047, the\nperiod may be:\n\n   1. A calendar year;\n\n   2. A 12-month period other than a calendar year;\n\n   3. A calendar quarter;\n\n   4. A three-month period other than a calendar quarter; or\n\n   5. Another period.\n\nB. Except as otherwise provided in subsection B of \u00a7 64.2-1047, a unitrust\npolicy may provide standards for:\n\n   1. Using fewer preceding periods under subdivision A 2 b, B 3, or B 4 of\n   &#xA7; 64.2-1044 if:\n   \t\t\t\ta. The trust was not in existence in a preceding period; or\n   \t\t\t\tb. Market indices or other published data are not available for a\n   preceding period;\n\n   2. Using fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7\n   b of &#xA7; 64.2-1045 if:\n   \t\t\t\ta. The trust was not in existence in a preceding period; or\n   \t\t\t\tb. Fair market values are not available for a preceding period; and\n\n   3. Prorating the unitrust amount on a daily basis for a part of a period in\n   which the trust or the administration of the trust as a unitrust or the\n   interest of any beneficiary commences or terminates.\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}}