{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1062.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1062.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1062.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1062.html"}],"law_id":69967,"edition_id":1,"section_id":69967,"structure_id":15635,"section_number":"64.2-1062","catch_line":"Asset-backed security","history":"2022, c. 354.","full_text":"A\n\nExcept as otherwise provided in subsection B, a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the balance of the receipt.B\n\nIf a fiduciary receives one or more payments in exchange for part or all of the fiduciary’s interest in an asset-backed security, including a liquidation or redemption of the fiduciary’s interest in the security, the fiduciary shall allocate to income 10 percent of receipts from the transaction and 10 percent of disbursements made in connection with the transaction and to principal the balance of the receipts and disbursements.","order_by":null,"text":{"0":{"id":252796,"text":"Except as otherwise provided in subsection B, a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the balance of the receipt.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":252797,"text":"If a fiduciary receives one or more payments in exchange for part or all of the fiduciary’s interest in an asset-backed security, including a liquidation or redemption of the fiduciary’s interest in the security, the fiduciary shall allocate to income 10 percent of receipts from the transaction and 10 percent of disbursements made in connection with the transaction and to principal the balance of the receipts and disbursements.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15635,"edition_id":1,"name":"Allocation of Receipts: Receipts Normally Apportioned","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 03:57:10","date_modified":"2026-06-26 03:57:10","permalink":{"id":273977,"object_type":"structure","relational_id":15635,"identifier":"6","token":"64.2\/III\/10.1\/6","url":"\/64.2\/III\/10.1\/6\/","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 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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":81730,"structure_id":15635,"section_number":"64.2-1055","catch_line":"Insubstantial allocation not required","url":"\/64.2-1055\/","token":"64.2\/III\/10.1\/6\/64.2-1055","metadata":false},{"id":81654,"structure_id":15635,"section_number":"64.2-1056","catch_line":"Deferred compensation, annuity, or similar payment","url":"\/64.2-1056\/","token":"64.2\/III\/10.1\/6\/64.2-1056","metadata":false},{"id":70724,"structure_id":15635,"section_number":"64.2-1057","catch_line":"Liquidating asset","url":"\/64.2-1057\/","token":"64.2\/III\/10.1\/6\/64.2-1057","metadata":false},{"id":64796,"structure_id":15635,"section_number":"64.2-1058","catch_line":"Minerals, water, and other natural resources","url":"\/64.2-1058\/","token":"64.2\/III\/10.1\/6\/64.2-1058","metadata":false},{"id":59724,"structure_id":15635,"section_number":"64.2-1059","catch_line":"Timber","url":"\/64.2-1059\/","token":"64.2\/III\/10.1\/6\/64.2-1059","metadata":false},{"id":85155,"structure_id":15635,"section_number":"64.2-1060","catch_line":"Marital deduction property not productive of income","url":"\/64.2-1060\/","token":"64.2\/III\/10.1\/6\/64.2-1060","metadata":false},{"id":67825,"structure_id":15635,"section_number":"64.2-1061","catch_line":"Derivative or option","url":"\/64.2-1061\/","token":"64.2\/III\/10.1\/6\/64.2-1061","metadata":false},{"id":69967,"structure_id":15635,"section_number":"64.2-1062","catch_line":"Asset-backed security","url":"\/64.2-1062\/","token":"64.2\/III\/10.1\/6\/64.2-1062","metadata":false},{"id":72779,"structure_id":15635,"section_number":"64.2-1063","catch_line":"Other financial instrument or arrangement","url":"\/64.2-1063\/","token":"64.2\/III\/10.1\/6\/64.2-1063","metadata":false}],"previous_section":{"id":67825,"structure_id":15635,"section_number":"64.2-1061","catch_line":"Derivative or option","url":"\/64.2-1061\/","token":"64.2\/III\/10.1\/6\/64.2-1061","metadata":false},"next_section":{"id":72779,"structure_id":15635,"section_number":"64.2-1063","catch_line":"Other financial instrument or arrangement","url":"\/64.2-1063\/","token":"64.2\/III\/10.1\/6\/64.2-1063","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1062\/","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":80790,"section_number":"64.2-1049","catch_line":"Distribution from trust or estate","order_by":null,"url":"\/64.2-1049\/"},{"id":60866,"section_number":"64.2-1050","catch_line":"Business or other activity conducted by fiduciary","order_by":null,"url":"\/64.2-1050\/"},{"id":64572,"section_number":"64.2-1053","catch_line":"Receipt on obligation to be paid in money","order_by":null,"url":"\/64.2-1053\/"},{"id":81730,"section_number":"64.2-1055","catch_line":"Insubstantial allocation not required","order_by":null,"url":"\/64.2-1055\/"},{"id":70724,"section_number":"64.2-1057","catch_line":"Liquidating asset","order_by":null,"url":"\/64.2-1057\/"},{"id":72779,"section_number":"64.2-1063","catch_line":"Other financial instrument or arrangement","order_by":null,"url":"\/64.2-1063\/"}],"refers_to":false,"permalink":{"id":274007,"object_type":"law","relational_id":69967,"identifier":"64.2-1062","token":"64.2\/III\/10.1\/6\/64.2-1062","url":"\/64.2-1062\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1062\/","token":"64.2\/III\/10.1\/6\/64.2-1062","dublin_core":{"Title":"Asset-backed security","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1062","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as otherwise provided in subsection B, a fiduciary<\/span> shall allocate to income<\/span> a receipt from or related to an asset-backed security<\/span>, to the extent the payor identifies the payment as being from interest or other current return, and to principal<\/span> the balance of the receipt. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a fiduciary<\/span> receives one or more payments in exchange for part or all of the fiduciary<\/span>’s interest in an asset-backed security<\/span>, including a liquidation<\/span> or redemption<\/span> of the fiduciary<\/span>’s interest in the security, the fiduciary<\/span> shall allocate to income<\/span> 10 percent of receipts from the transaction and 10 percent of disbursements made in connection with the transaction and to principal<\/span> the balance of the receipts and disbursements. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSET-BACKED SECURITY (\u00a7 64.2-1062)\n\nA. Except as otherwise provided in subsection B, a fiduciary shall allocate to\nincome a receipt from or related to an asset-backed security, to the extent the\npayor identifies the payment as being from interest or other current return, and\nto principal the balance of the receipt.\n\nB. If a fiduciary receives one or more payments in exchange for part or all of\nthe fiduciary’s interest in an asset-backed security, including a\nliquidation or redemption of the fiduciary’s interest in the security, the\nfiduciary shall allocate to income 10 percent of receipts from the transaction\nand 10 percent of disbursements made in connection with the transaction and to\nprincipal the balance of the receipts and disbursements.\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}}