Terms Used In Virginia Code > Title 64.2 > Subtitle III > Chapter 10.1 > Article 3 - Unitrust

• Account: means any one of the two accounts created under § 38. See Virginia Code 38.2-1701
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicable value: means the amount of the net fair market value of a trust taken into account under § Virginia Code 64.2-1033
• Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Virginia Code 64.2-1033
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Virginia Code 64.2-1033
• 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. See Virginia Code 64.2-1039
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes a trustee, trust director under the Uniform Directed Trust Act (§ 64. See Virginia Code 64.2-1033
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Impaired insurer: means a member insurer considered by the Commission to be potentially unable to fulfill its contractual obligations. See Virginia Code 38.2-1701
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Articles 4 (§ Virginia Code 64.2-1033
• Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Virginia Code 64.2-1033
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Personal property: All property that is not real property.
• Premiums: means amounts or considerations, by whatever name called, received on covered policies or contracts, less any returned premiums, considerations, and deposits and less dividends and experience credits. See Virginia Code 38.2-1701
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Virginia Code 64.2-1033
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Receivership court: means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer. See Virginia Code 38.2-1701
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 64.2-1033
• Special tax benefit: means :

  1. See Virginia Code 64.2-1033

• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• Trust: includes all trusts described in § 64. See Virginia Code 64.2-1033
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Virginia Code 64.2-1033
• Unitrust: includes an express unitrust. See Virginia Code 64.2-1039
• Unitrust amount: means an amount computed by multiplying a determined value of a trust by a determined percentage. See Virginia Code 64.2-1039
• Unitrust policy: means a policy described in §§