                                 CODE OF VIRGINIA

DEFINITIONS (§ 64.2-1039)

As used in this article, unless the context requires a different meaning:
		&#8220;Applicable value&#8221; means the amount of the net fair market value
of a trust taken into account under § 64.2-1045.
		&#8220;Express unitrust&#8221; means a trust for which, under the terms of the
trust without regard to this article, income or net income must or may be
calculated as a unitrust amount.
		&#8220;Income trust&#8221; means a trust that is not a unitrust.
		&#8220;Net fair market value of a trust&#8221; means the fair market value of
the assets of the trust, less the noncontingent liabilities of the trust.
		&#8220;Unitrust&#8221; means a trust for which net income is a unitrust
amount. &#8220;Unitrust&#8221; includes an express unitrust.
		&#8220;Unitrust amount&#8221; means an amount computed by multiplying a
determined value of a trust by a determined percentage. For a unitrust
administered under a unitrust policy, &#8220;unitrust amount&#8221; means the
applicable value, multiplied by the unitrust rate.
		&#8220;Unitrust policy&#8221; means a policy described in §§ 64.2-1043
through 64.2-1047 and adopted under § 64.2-1041.
		&#8220;Unitrust rate&#8221; means the rate used to compute the unitrust amount
for a unitrust administered under a unitrust policy.

HISTORY: 2022, c. 354.