{"data":{"id":"us-va/va.-code-64.2-1057","jurisdiction":"us-va","citation":"Va. Code § 64.2-1057","heading":"Liquidating asset","body":"A. As used in this section, \"liquidating asset\" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. \"Liquidating asset\" includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance.B. This section does not apply to a receipt subject to § 64.2-1048, 64.2-1056, 64.2-1058, 64.2-1059, 64.2-1061, 64.2-1062, 64.2-1063, or 64.2-1066.C. A fiduciary shall allocate:1. To income:a. A receipt produced by a liquidating asset, to the extent the receipt does not exceed four percent of the value of the asset; orb. If the fiduciary cannot determine the value of the asset, 10 percent of the receipt; and2. To principal, the balance of the receipt.2022, c. 354.","path":["Title 64.2. Wills, Trusts, and Fiduciaries","Subtitle III. Trusts","Chapter 10.1. Uniform Fiduciary Income And Principal Act","Article 6. Allocation of Receipts: Receipts Normally Apportioned"],"source_url":"https://law.lis.virginia.gov/vacode/64.2-1057/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:18:14Z","sha256":"10834fe6c4ba0ff043a91259c93862209c35084752e3c464c94cf51415fdd17c","source_id":"us-va","stale":true,"prev":"us-va/va.-code-64.2-1056","next":"us-va/va.-code-64.2-1058"},"notice":"GroundRules: Original legal text. Not legal advice."}