{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1053.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1053.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1053.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1053.html"}],"law_id":64572,"edition_id":1,"section_id":64572,"structure_id":13479,"section_number":"64.2-1053","catch_line":"Receipt on obligation to be paid in money","history":"2022, c. 354.","full_text":"A\n\nThis section does not apply to an obligation to which § 64.2-1056, 64.2-1057, 64.2-1058, 64.2-1059, 64.2-1061, 64.2-1062, or 64.2-1063 applies.B\n\nA fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal.C\n\nA fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary. A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued.","order_by":null,"text":{"0":{"id":235013,"text":"This section does not apply to an obligation to which § 64.2-1056, 64.2-1057, 64.2-1058, 64.2-1059, 64.2-1061, 64.2-1062, or 64.2-1063 applies.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":235014,"text":"A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":235015,"text":"A fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary. A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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}],"previous_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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1053\/","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":[{"id":81654,"section_number":"64.2-1056","catch_line":"Deferred compensation, annuity, or similar payment","order_by":null,"url":"\/64.2-1056\/"},{"id":70724,"section_number":"64.2-1057","catch_line":"Liquidating asset","order_by":null,"url":"\/64.2-1057\/"},{"id":64796,"section_number":"64.2-1058","catch_line":"Minerals, water, and other natural resources","order_by":null,"url":"\/64.2-1058\/"},{"id":59724,"section_number":"64.2-1059","catch_line":"Timber","order_by":null,"url":"\/64.2-1059\/"},{"id":67825,"section_number":"64.2-1061","catch_line":"Derivative or option","order_by":null,"url":"\/64.2-1061\/"},{"id":69967,"section_number":"64.2-1062","catch_line":"Asset-backed security","order_by":null,"url":"\/64.2-1062\/"},{"id":72779,"section_number":"64.2-1063","catch_line":"Other financial instrument or arrangement","order_by":null,"url":"\/64.2-1063\/"}],"permalink":{"id":273969,"object_type":"law","relational_id":64572,"identifier":"64.2-1053","token":"64.2\/III\/10.1\/5\/64.2-1053","url":"\/64.2-1053\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1053\/","token":"64.2\/III\/10.1\/5\/64.2-1053","dublin_core":{"Title":"Receipt on obligation to be paid in money","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1053","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> This section does not apply to an obligation to which § 64.2-1056<\/a>, 64.2-1057<\/a>, 64.2-1058<\/a>, 64.2-1059<\/a>, 64.2-1061<\/a>, 64.2-1062<\/a>, or 64.2-1063<\/a> applies. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A fiduciary<\/span> shall allocate to income<\/span>, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary<\/span>, including an amount received as consideration for prepaying principal<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A fiduciary<\/span> shall allocate to principal<\/span> an amount received from the sale, redemption<\/span>, or other disposition<\/span> of an obligation to pay money to the fiduciary<\/span>. A fiduciary<\/span> shall allocate to income<\/span> the increment in value<\/span> of a bond<\/span> or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRECEIPT ON OBLIGATION TO BE PAID IN MONEY (\u00a7 64.2-1053)\n\nA. This section does not apply to an obligation to which § 64.2-1056,\n64.2-1057, 64.2-1058, 64.2-1059, 64.2-1061, 64.2-1062, or 64.2-1063 applies.\n\nB. A fiduciary shall allocate to income, without provision for amortization of\npremium, an amount received as interest on an obligation to pay money to the\nfiduciary, including an amount received as consideration for prepaying\nprincipal.\n\nC. A fiduciary shall allocate to principal an amount received from the sale,\nredemption, or other disposition of an obligation to pay money to the fiduciary.\nA fiduciary shall allocate to income the increment in value of a bond or other\nobligation for the payment of money bearing no stated interest but payable or\nredeemable, at maturity or another future time, in an amount that exceeds the\namount in consideration of which it was issued.\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}}