Definitions

Va. Code Ann. § 64.2-1039

in effect

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 .

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/64.2-1039/Fetched: 10/17/2026