{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1051.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1051.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1051.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1051.html"}],"law_id":86435,"edition_id":1,"section_id":86435,"structure_id":13479,"section_number":"64.2-1051","catch_line":"Principal receipts","history":"2022, c. 354.","full_text":"A fiduciary shall allocate to principal:\n\n1\n\nTo the extent not allocated under this chapter, an asset received from:\n\t\t\ta. An individual during the individual’s lifetime;\n\t\t\tb. An estate;\n\t\t\tc. A trust on termination of an income interest; or\n\t\t\td. A payor under a contract naming the fiduciary as beneficiary;2\n\nExcept 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\n\nAn 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\n\nProceeds 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\n\nNet income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and6\n\nOther receipts as provided in Article 6 (§ 64.2-1055 et seq.).","order_by":null,"text":{"0":{"id":309578,"text":"A fiduciary shall allocate to principal:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":309579,"text":"To the extent not allocated under this chapter, an asset received from:\n\t\t\ta. An individual during the individual’s lifetime;\n\t\t\tb. An estate;\n\t\t\tc. A trust on termination of an income interest; or\n\t\t\td. A payor under a contract naming the fiduciary as beneficiary;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":309580,"text":"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;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":309581,"text":"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;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":309582,"text":"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;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":309583,"text":"Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":309584,"text":"Other receipts as provided in Article 6 (§ 64.2-1055 et seq.).","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"ancestry":[{"id":13479,"edition_id":1,"name":"Allocation of Receipts: Receipts Not Normally Apportioned","identifier":"5","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 03:44:58","date_modified":"2026-06-26 03:44:58","permalink":{"id":273959,"object_type":"structure","relational_id":13479,"identifier":"5","token":"64.2\/III\/10.1\/5","url":"\/64.2\/III\/10.1\/5\/","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":86435,"structure_id":13479,"section_number":"64.2-1051","catch_line":"Principal receipts","url":"\/64.2-1051\/","token":"64.2\/III\/10.1\/5\/64.2-1051","metadata":false},{"id":61694,"structure_id":13479,"section_number":"64.2-1052","catch_line":"Rental property","url":"\/64.2-1052\/","token":"64.2\/III\/10.1\/5\/64.2-1052","metadata":false},{"id":64572,"structure_id":13479,"section_number":"64.2-1053","catch_line":"Receipt on obligation to be paid in money","url":"\/64.2-1053\/","token":"64.2\/III\/10.1\/5\/64.2-1053","metadata":false},{"id":54443,"structure_id":13479,"section_number":"64.2-1054","catch_line":"Insurance policy or contract","url":"\/64.2-1054\/","token":"64.2\/III\/10.1\/5\/64.2-1054","metadata":false}],"next_section":{"id":61694,"structure_id":13479,"section_number":"64.2-1052","catch_line":"Rental property","url":"\/64.2-1052\/","token":"64.2\/III\/10.1\/5\/64.2-1052","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1051\/","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":81918,"section_number":"64.2-1033","catch_line":"Definitions","order_by":null,"url":"\/64.2-1033\/"},{"id":68355,"section_number":"64.2-1071","catch_line":"Determination and distribution of net income","order_by":null,"url":"\/64.2-1071\/"}],"refers_to":[{"id":81730,"section_number":"64.2-1055","catch_line":"Insubstantial allocation not required","order_by":null,"url":"\/64.2-1055\/"},{"id":68322,"section_number":"64.2-1065","catch_line":"Disbursement from principal","order_by":null,"url":"\/64.2-1065\/"}],"permalink":{"id":273961,"object_type":"law","relational_id":86435,"identifier":"64.2-1051","token":"64.2\/III\/10.1\/5\/64.2-1051","url":"\/64.2-1051\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1051\/","token":"64.2\/III\/10.1\/5\/64.2-1051","dublin_core":{"Title":"Principal receipts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1051","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A fiduciary<\/span> shall allocate to principal<\/span>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To the extent not allocated under this chapter, an asset received from:\n\t\t\ta. An individual during the individual’s lifetime;\n\t\t\tb. An estate<\/span>;\n\t\t\tc. A trust<\/span> on termination of an income interest<\/span>; or\n\t\t\td. A payor under a contract<\/span> naming the fiduciary<\/span> as beneficiary; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Except as otherwise provided in this article, money or other property received from the sale, exchange, liquidation<\/span>, or change in form of a principal<\/span> asset; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> An amount recovered from a third party<\/span> to reimburse the fiduciary<\/span> because of a disbursement described in subsection A of § 64.2-1065<\/a> or for another reason to the extent not based on loss of income; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period<\/span> are income if a current income beneficiary<\/span> had a mandatory income interest<\/span> during the period; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Net income<\/span> received in an accounting period<\/span> during which there is no beneficiary to which a fiduciary<\/span> may or must distribute income; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Other receipts as provided in Article 6 (§ 64.2-1055<\/a> et seq.). <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPRINCIPAL RECEIPTS (\u00a7 64.2-1051)\n\nA fiduciary shall allocate to principal:\n\n1. To the extent not allocated under this chapter, an asset received from:\n\t\t\ta. An individual during the individual’s lifetime;\n\t\t\tb. An estate;\n\t\t\tc. A trust on termination of an income interest; or\n\t\t\td. A payor under a contract naming the fiduciary as beneficiary;\n\n2. Except as otherwise provided in this article, money or other property\nreceived from the sale, exchange, liquidation, or change in form of a principal\nasset;\n\n3. An amount recovered from a third party to reimburse the fiduciary because of\na disbursement described in subsection A of § 64.2-1065 or for another\nreason to the extent not based on loss of income;\n\n4. Proceeds of property taken by eminent domain, except that proceeds awarded\nfor loss of income in an accounting period are income if a current income\nbeneficiary had a mandatory income interest during the period;\n\n5. Net income received in an accounting period during which there is no\nbeneficiary to which a fiduciary may or must distribute income; and\n\n6. Other receipts as provided in Article 6 (§ 64.2-1055 et seq.).\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}}