{"data":{"id":"us-va/va.-code-64.2-1051","jurisdiction":"us-va","citation":"Va. Code § 64.2-1051","heading":"Principal receipts","body":"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.","path":["Title 64.2. Wills, Trusts, and Fiduciaries","Subtitle III. Trusts","Chapter 10.1. Uniform Fiduciary Income And Principal Act","Article 5. Allocation of Receipts: Receipts Not Normally Apportioned"],"source_url":"https://law.lis.virginia.gov/vacode/64.2-1051/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:18:14Z","sha256":"8ec92bdd1f35c11259b09ac5add650c53fb7d274e8e695508b72759aaa6275d4","source_id":"us-va","stale":true,"prev":"us-va/va.-code-64.2-1050","next":"us-va/va.-code-64.2-1052"},"notice":"GroundRules: Original legal text. Not legal advice."}