{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1067.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1067.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1067.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1067.html"}],"law_id":66661,"edition_id":1,"section_id":66661,"structure_id":16288,"section_number":"64.2-1067","catch_line":"Reimbursement of income from principal","history":"2022, c. 354.","full_text":"A\n\nIf a fiduciary makes or expects to make an income disbursement described in subsection B, the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income.B\n\nTo the extent the fiduciary has not been and does not expect to be reimbursed by a third party, income disbursements to which subsection A applies include:1\n\nAn amount chargeable to principal but paid from income because principal is illiquid;2\n\nA disbursement made to prepare property for sale, including improvements and commissions; and3\n\nA disbursement described in subsection A of § 64.2-1065.C\n\nIf an asset whose ownership gives rise to an income disbursement becomes subject to a successive interest after an income interest ends, the fiduciary may continue to make transfers under subsection A.","order_by":null,"text":{"0":{"id":241806,"text":"If a fiduciary makes or expects to make an income disbursement described in subsection B, the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":241807,"text":"To the extent the fiduciary has not been and does not expect to be reimbursed by a third party, income disbursements to which subsection A applies include:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":241808,"text":"An amount chargeable to principal but paid from income because principal is illiquid;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":241809,"text":"A disbursement made to prepare property for sale, including improvements and commissions; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":241810,"text":"A disbursement described in subsection A of § 64.2-1065.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":241811,"text":"If an asset whose ownership gives rise to an income disbursement becomes subject to a successive interest after an income interest ends, the fiduciary may continue to make transfers under subsection A.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3"}},"ancestry":[{"id":16288,"edition_id":1,"name":"Allocation of Disbursements","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 04:12:38","date_modified":"2026-06-26 04:12:38","permalink":{"id":274015,"object_type":"structure","relational_id":16288,"identifier":"7","token":"64.2\/III\/10.1\/7","url":"\/64.2\/III\/10.1\/7\/","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":66204,"structure_id":16288,"section_number":"64.2-1064","catch_line":"Disbursement from income","url":"\/64.2-1064\/","token":"64.2\/III\/10.1\/7\/64.2-1064","metadata":false},{"id":68322,"structure_id":16288,"section_number":"64.2-1065","catch_line":"Disbursement from principal","url":"\/64.2-1065\/","token":"64.2\/III\/10.1\/7\/64.2-1065","metadata":false},{"id":85159,"structure_id":16288,"section_number":"64.2-1066","catch_line":"Transfer from income to principal for depreciation","url":"\/64.2-1066\/","token":"64.2\/III\/10.1\/7\/64.2-1066","metadata":false},{"id":66661,"structure_id":16288,"section_number":"64.2-1067","catch_line":"Reimbursement of income from principal","url":"\/64.2-1067\/","token":"64.2\/III\/10.1\/7\/64.2-1067","metadata":false},{"id":83008,"structure_id":16288,"section_number":"64.2-1068","catch_line":"Reimbursement of principal from income","url":"\/64.2-1068\/","token":"64.2\/III\/10.1\/7\/64.2-1068","metadata":false},{"id":77952,"structure_id":16288,"section_number":"64.2-1069","catch_line":"Income taxes","url":"\/64.2-1069\/","token":"64.2\/III\/10.1\/7\/64.2-1069","metadata":false},{"id":85750,"structure_id":16288,"section_number":"64.2-1070","catch_line":"Adjustment between income and principal because of taxes","url":"\/64.2-1070\/","token":"64.2\/III\/10.1\/7\/64.2-1070","metadata":false}],"previous_section":{"id":85159,"structure_id":16288,"section_number":"64.2-1066","catch_line":"Transfer from income to principal for depreciation","url":"\/64.2-1066\/","token":"64.2\/III\/10.1\/7\/64.2-1066","metadata":false},"next_section":{"id":83008,"structure_id":16288,"section_number":"64.2-1068","catch_line":"Reimbursement of principal from income","url":"\/64.2-1068\/","token":"64.2\/III\/10.1\/7\/64.2-1068","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1067\/","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":66204,"section_number":"64.2-1064","catch_line":"Disbursement from income","order_by":null,"url":"\/64.2-1064\/"},{"id":77952,"section_number":"64.2-1069","catch_line":"Income taxes","order_by":null,"url":"\/64.2-1069\/"}],"refers_to":false,"permalink":{"id":274029,"object_type":"law","relational_id":66661,"identifier":"64.2-1067","token":"64.2\/III\/10.1\/7\/64.2-1067","url":"\/64.2-1067\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1067\/","token":"64.2\/III\/10.1\/7\/64.2-1067","dublin_core":{"Title":"Reimbursement of income from principal","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1067","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If a fiduciary<\/span> makes or expects to make an income<\/span> disbursement described in subsection B, the fiduciary<\/span> may transfer an appropriate amount from principal<\/span> to income<\/span> in one or more accounting periods<\/span> to reimburse income<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> To the extent the fiduciary<\/span> has not been and does not expect to be reimbursed by a third party<\/span>, income<\/span> disbursements to which subsection A applies include: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> An amount chargeable to principal<\/span> but paid from income<\/span> because principal<\/span> is illiquid; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A disbursement made to prepare property for sale, including improvements and commissions; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A disbursement described in subsection A of § 64.2-1065<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If an asset whose ownership gives rise to an income disbursement becomes subject to a successive interest<\/span> after an income interest<\/span> ends, the fiduciary<\/span> may continue to make transfers under subsection A. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREIMBURSEMENT OF INCOME FROM PRINCIPAL (\u00a7 64.2-1067)\n\nA. If a fiduciary makes or expects to make an income disbursement described in\nsubsection B, the fiduciary may transfer an appropriate amount from principal to\nincome in one or more accounting periods to reimburse income.\n\nB. To the extent the fiduciary has not been and does not expect to be reimbursed\nby a third party, income disbursements to which subsection A applies include:\n\n 1. An amount chargeable to principal but paid from income because principal is\n illiquid;\n\n 2. A disbursement made to prepare property for sale, including improvements\n and commissions; and\n\n 3. A disbursement described in subsection A of § 64.2-1065.\n\nC. If an asset whose ownership gives rise to an income disbursement becomes\nsubject to a successive interest after an income interest ends, the fiduciary\nmay continue to make transfers under subsection A.\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}}