{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1054.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1054.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1054.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1054.html"}],"law_id":54443,"edition_id":1,"section_id":54443,"structure_id":13479,"section_number":"64.2-1054","catch_line":"Insurance policy or contract","history":"2022, c. 354.","full_text":"A\n\nThis section does not apply to a contract to which § 64.2-1056 applies.B\n\nExcept as otherwise provided in subsection C, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal.C\n\nA fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:1\n\nOccupancy or other use by a current income beneficiary;2\n\nIncome; or3\n\nSubject to § 64.2-1050, profits from a business.","order_by":null,"text":{"0":{"id":199803,"text":"This section does not apply to a contract to which § 64.2-1056 applies.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":199804,"text":"Except as otherwise provided in subsection C, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":199805,"text":"A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":199806,"text":"Occupancy or other use by a current income beneficiary;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":199807,"text":"Income; or","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"5":{"id":199808,"text":"Subject to § 64.2-1050, profits from a business.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2"}},"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":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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1054\/","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":59116,"section_number":"64.2-1048","catch_line":"Character of receipts from entity","order_by":null,"url":"\/64.2-1048\/"}],"refers_to":[{"id":60866,"section_number":"64.2-1050","catch_line":"Business or other activity conducted by fiduciary","order_by":null,"url":"\/64.2-1050\/"},{"id":81654,"section_number":"64.2-1056","catch_line":"Deferred compensation, annuity, or similar payment","order_by":null,"url":"\/64.2-1056\/"}],"permalink":{"id":273973,"object_type":"law","relational_id":54443,"identifier":"64.2-1054","token":"64.2\/III\/10.1\/5\/64.2-1054","url":"\/64.2-1054\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1054\/","token":"64.2\/III\/10.1\/5\/64.2-1054","dublin_core":{"Title":"Insurance policy or contract","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1054","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> This section does not apply to a contract<\/span> to which § 64.2-1056<\/a> applies. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except as otherwise provided in subsection C, a fiduciary<\/span> shall allocate to principal<\/span> the proceeds of a life insurance policy or other contract<\/span> received by the fiduciary<\/span> as beneficiary, including a contract<\/span> that insures against damage to, destruction of, or loss of title to an asset. The fiduciary<\/span> shall allocate dividends on an insurance policy to income<\/span> to the extent premiums on the policy are paid from income<\/span> and to principal<\/span> to the extent premiums on the policy are paid from principal<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A fiduciary<\/span> shall allocate to income<\/span> proceeds of a contract<\/span> that insures the fiduciary<\/span> against loss of: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Occupancy or other use by a current income beneficiary<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Income; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Subject to § 64.2-1050<\/a>, profits from a business. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINSURANCE POLICY OR CONTRACT (\u00a7 64.2-1054)\n\nA. This section does not apply to a contract to which § 64.2-1056 applies.\n\nB. Except as otherwise provided in subsection C, a fiduciary shall allocate to\nprincipal the proceeds of a life insurance policy or other contract received by\nthe fiduciary as beneficiary, including a contract that insures against damage\nto, destruction of, or loss of title to an asset. The fiduciary shall allocate\ndividends on an insurance policy to income to the extent premiums on the policy\nare paid from income and to principal to the extent premiums on the policy are\npaid from principal.\n\nC. A fiduciary shall allocate to income proceeds of a contract that insures the\nfiduciary against loss of:\n\n 1. Occupancy or other use by a current income beneficiary;\n\n 2. Income; or\n\n 3. Subject to § 64.2-1050, profits from a business.\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}}