{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/64.2-1039.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/64.2-1039.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/64.2-1039.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/64.2-1039.html"}],"law_id":375779,"edition_id":2,"section_id":375779,"structure_id":53442,"section_number":"64.2-1039","catch_line":"Definitions","history":"2022, c. 354.","full_text":"As used in this article, unless the context requires a different meaning:\n\n“Applicable value” means the amount of the net fair market value of a trust taken into account under \u00a7 64.2-1045.\n\n“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.\n\n“Income trust” means a trust that is not a unitrust.\n\n“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.\n\n“Unitrust” means a trust for which net income is a unitrust amount. “Unitrust” includes an express unitrust.\n\n“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.\n\n“Unitrust policy” means a policy described in \u00a7\u00a7 64.2-1043 through 64.2-1047 and adopted under \u00a7 64.2-1041.\n\n“Unitrust rate” means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.\n\n","order_by":null,"text":{"0":{"id":1402811,"text":"As used in this article, unless the context requires a different meaning:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1402812,"text":"“Applicable value” means the amount of the net fair market value of a trust taken into account under \u00a7 64.2-1045.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"2":{"id":1402813,"text":"“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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"3":{"id":1402814,"text":"“Income trust” means a trust that is not a unitrust.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"4":{"id":1402815,"text":"“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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"5":{"id":1402816,"text":"“Unitrust” means a trust for which net income is a unitrust amount. “Unitrust” includes an express unitrust.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"6":{"id":1402817,"text":"“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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"7":{"id":1402818,"text":"“Unitrust policy” means a policy described in \u00a7\u00a7 64.2-1043 through 64.2-1047 and adopted under \u00a7 64.2-1041.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"8":{"id":1402819,"text":"“Unitrust rate” means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":53442,"edition_id":2,"name":"Unitrust","identifier":"3","label":"article","depth":4,"order_by":3,"parent_id":53439,"metadata":{"child_laws":9,"child_structures":0},"date_created":"2026-08-02 03:16:29","date_modified":"2026-08-02 12:37:16","permalink":{"id":1500909,"object_type":"structure","relational_id":53442,"identifier":"3","token":"64.2\/III\/10.1\/3","url":"\/64.2\/III\/10.1\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53439,"edition_id":2,"name":"Uniform Fiduciary Income And Principal Act","identifier":"10.1","label":"chapter","depth":3,"order_by":4,"parent_id":53428,"metadata":{"child_laws":46,"child_structures":10},"date_created":"2026-08-02 03:16:28","date_modified":"2026-08-02 12:37:16","permalink":{"id":1500865,"object_type":"structure","relational_id":53439,"identifier":"10.1","token":"64.2\/III\/10.1","url":"\/64.2\/III\/10.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53428,"edition_id":2,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53424,"metadata":{"child_laws":232,"child_structures":36},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:10","permalink":{"id":1500813,"object_type":"structure","relational_id":53428,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53424,"edition_id":2,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":136,"parent_id":null,"metadata":{"child_laws":776,"child_structures":114},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:05","permalink":{"id":1499783,"object_type":"structure","relational_id":53424,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":375779,"structure_id":53442,"section_number":"64.2-1039","catch_line":"Definitions","url":"\/64.2-1039\/","token":"64.2\/III\/10.1\/3\/64.2-1039","metadata":false},{"id":375781,"structure_id":53442,"section_number":"64.2-1040","catch_line":"Application; duties and remedies","url":"\/64.2-1040\/","token":"64.2\/III\/10.1\/3\/64.2-1040","metadata":false},{"id":375782,"structure_id":53442,"section_number":"64.2-1041","catch_line":"Authority of fiduciary","url":"\/64.2-1041\/","token":"64.2\/III\/10.1\/3\/64.2-1041","metadata":false},{"id":375783,"structure_id":53442,"section_number":"64.2-1042","catch_line":"Notice","url":"\/64.2-1042\/","token":"64.2\/III\/10.1\/3\/64.2-1042","metadata":false},{"id":375784,"structure_id":53442,"section_number":"64.2-1043","catch_line":"Unitrust policy","url":"\/64.2-1043\/","token":"64.2\/III\/10.1\/3\/64.2-1043","metadata":false},{"id":375785,"structure_id":53442,"section_number":"64.2-1044","catch_line":"Unitrust rate","url":"\/64.2-1044\/","token":"64.2\/III\/10.1\/3\/64.2-1044","metadata":false},{"id":375786,"structure_id":53442,"section_number":"64.2-1045","catch_line":"Applicable value","url":"\/64.2-1045\/","token":"64.2\/III\/10.1\/3\/64.2-1045","metadata":false},{"id":375787,"structure_id":53442,"section_number":"64.2-1046","catch_line":"Period","url":"\/64.2-1046\/","token":"64.2\/III\/10.1\/3\/64.2-1046","metadata":false},{"id":375788,"structure_id":53442,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","url":"\/64.2-1047\/","token":"64.2\/III\/10.1\/3\/64.2-1047","metadata":false}],"next_section":{"id":375781,"structure_id":53442,"section_number":"64.2-1040","catch_line":"Application; duties and remedies","url":"\/64.2-1040\/","token":"64.2\/III\/10.1\/3\/64.2-1040","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1039\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 354<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":375773,"section_number":"64.2-1033","catch_line":"Definitions","order_by":null,"url":"\/64.2-1033\/"},{"id":375778,"section_number":"64.2-1038","catch_line":"Fiduciary's power to adjust","order_by":null,"url":"\/64.2-1038\/"},{"id":375790,"section_number":"64.2-1049","catch_line":"Distribution from trust or estate","order_by":null,"url":"\/64.2-1049\/"},{"id":375816,"section_number":"64.2-1072","catch_line":"Distribution to successor beneficiary","order_by":null,"url":"\/64.2-1072\/"}],"refers_to":[{"id":375782,"section_number":"64.2-1041","catch_line":"Authority of fiduciary","order_by":null,"url":"\/64.2-1041\/"},{"id":375784,"section_number":"64.2-1043","catch_line":"Unitrust policy","order_by":null,"url":"\/64.2-1043\/"},{"id":375786,"section_number":"64.2-1045","catch_line":"Applicable value","order_by":null,"url":"\/64.2-1045\/"},{"id":375788,"section_number":"64.2-1047","catch_line":"Special tax benefits; other rules","order_by":null,"url":"\/64.2-1047\/"}],"permalink":{"id":1500911,"object_type":"law","relational_id":375779,"identifier":"64.2-1039","token":"64.2\/III\/10.1\/3\/64.2-1039","url":"\/64.2-1039\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/64.2-1039\/","token":"64.2\/III\/10.1\/3\/64.2-1039","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1039","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:<\/p>

“Applicable value<\/span>” means the amount of the net fair market value of a trust<\/span> taken into account under \u00a7 64.2-1045<\/a>.<\/p>

“Express unitrust<\/span>” means a trust for which, under the terms of the trust without regard to this article, income<\/span> or net income<\/span> must or may be calculated as a unitrust amount<\/span>.<\/p>

“Income trust<\/span>” means a trust that is not a unitrust.<\/p>

“Net fair market value of a trust<\/span>” means the fair market value of the assets<\/span> of the trust, less the noncontingent liabilities of the trust.<\/p>

“Unitrust” means a trust for which net income<\/span> is a unitrust amount<\/span>. “Unitrust” includes an express unitrust<\/span>.<\/p>

“Unitrust amount<\/span>” means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy<\/span>, “unitrust amount<\/span>” means the applicable value<\/span>, multiplied by the unitrust rate<\/span>.<\/p>

“Unitrust policy<\/span>” means a policy described in \u00a7\u00a7 64.2-1043<\/a> through 64.2-1047<\/a> and adopted under \u00a7 64.2-1041<\/a>.<\/p>

“Unitrust rate<\/span>” means the rate used to compute the unitrust amount<\/span> for a unitrust administered under a unitrust policy<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 64.2-1039)\n\nAs used in this article, unless the context requires a different meaning:\n\n“Applicable value” means the amount of the net fair market value of\na trust taken into account under \u00a7 64.2-1045.\n\n“Express unitrust” means a trust for which, under the terms of the\ntrust without regard to this article, income or net income must or may be\ncalculated as a unitrust amount.\n\n“Income trust” means a trust that is not a unitrust.\n\n“Net fair market value of a trust” means the fair market value of\nthe assets of the trust, less the noncontingent liabilities of the trust.\n\n“Unitrust” means a trust for which net income is a unitrust amount.\n“Unitrust” includes an express unitrust.\n\n“Unitrust amount” means an amount computed by multiplying a\ndetermined value of a trust by a determined percentage. For a unitrust\nadministered under a unitrust policy, “unitrust amount” means the\napplicable value, multiplied by the unitrust rate.\n\n“Unitrust policy” means a policy described in \u00a7\u00a7 64.2-1043 through\n64.2-1047 and adopted under \u00a7 64.2-1041.\n\n“Unitrust rate” means the rate used to compute the unitrust amount\nfor a unitrust administered under a unitrust policy.\n\nHISTORY: 2022, c. 354.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}