Virginia § 64.2-1057 - Liquidating asset
Full text of Virginia Code of Virginia § 64.2-1057 — Liquidating asset, with citation guidance and answers to common questions.
§ 64.2-1057. Liquidating asset
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; or
b. If the fiduciary cannot determine the value of the asset, 10 percent of the receipt; and
2. To principal, the balance of the receipt.
2022, c. 354.
Frequently Asked Questions About Virginia § 64.2-1057
What does Code of Virginia § 64.2-1057 cover?
Section 64.2-1057 ("Liquidating asset") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 64.2-1057?
A common citation format is "Code of Virginia § 64.2-1057" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 64.2-1057 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.