                                 CODE OF VIRGINIA

PERIOD (§ 64.2-1046)

A. A unitrust policy must provide the period used under §§ 64.2-1044 and
64.2-1045. Except as otherwise provided in subdivision B 3 of § 64.2-1047, the
period may be:

   1. A calendar year;

   2. A 12-month period other than a calendar year;

   3. A calendar quarter;

   4. A three-month period other than a calendar quarter; or

   5. Another period.

B. Except as otherwise provided in subsection B of § 64.2-1047, a unitrust
policy may provide standards for:

   1. Using fewer preceding periods under subdivision A 2 b, B 3, or B 4 of
   &#xA7; 64.2-1044 if:
   				a. The trust was not in existence in a preceding period; or
   				b. Market indices or other published data are not available for a
   preceding period;

   2. Using fewer preceding periods under subdivision B 5 a, B 5 b, B 6 b, or B 7
   b of &#xA7; 64.2-1045 if:
   				a. The trust was not in existence in a preceding period; or
   				b. Fair market values are not available for a preceding period; and

   3. Prorating the unitrust amount on a daily basis for a part of a period in
   which the trust or the administration of the trust as a unitrust or the
   interest of any beneficiary commences or terminates.

HISTORY: 2022, c. 354.