{"data":{"id":"us-va/va.-code-64.2-1039","jurisdiction":"us-va","citation":"Va. Code § 64.2-1039","heading":"Definitions","body":"As used in this article, unless the context requires a different meaning:\"Applicable value\" means the amount of the net fair market value of a trust taken into account under § 64.2-1045.\"Express unitrust\" 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.\"Income trust\" means a trust that is not a unitrust.\"Net fair market value of a trust\" means the fair market value of the assets of the trust, less the noncontingent liabilities of the trust.\"Unitrust\" means a trust for which net income is a unitrust amount. \"Unitrust\" includes an express unitrust.\"Unitrust amount\" means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy, \"unitrust amount\" means the applicable value, multiplied by the unitrust rate.\"Unitrust policy\" means a policy described in §§ 64.2-1043 through 64.2-1047 and adopted under § 64.2-1041.\"Unitrust rate\" means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.2022, c. 354.","path":["Title 64.2. Wills, Trusts, and Fiduciaries","Subtitle III. Trusts","Chapter 10.1. Uniform Fiduciary Income And Principal Act","Article 3. Unitrust"],"source_url":"https://law.lis.virginia.gov/vacode/64.2-1039/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:18:14Z","sha256":"2bddd1656e573a44a5ce7e114b864646561c8e6e3cb27e54b70123faa418ffc8","source_id":"us-va","stale":true,"prev":"us-va/va.-code-64.2-1038","next":"us-va/va.-code-64.2-1040"},"notice":"GroundRules: Original legal text. Not legal advice."}