Va. Code § 64.2-1051: Principal receipts

A fiduciary shall allocate to principal:1. To the extent not allocated under this chapter, an asset received from:a. An individual during the individual's lifetime;b. An estate;c. A trust on termination of an income interest; ord. A payor under a contract naming the fiduciary as beneficiary;2. Except as otherwise provided in this article, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;3. An amount recovered from a third party to reimburse the fiduciary because of a disbursement described in subsection A of § 64.2-1065 or for another reason to the extent not based on loss of income;4. Proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the period;5. Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and6. Other receipts as provided in Article 6 (§ 64.2-1055 et seq.).2022, c. 354.