As used in this article, unless the context requires a different meaning:\n'Applicable value' means the amount of the net fair market value of a trust taken into account under § 64.2-1045.\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'Income trust' means a trust that is not a unitrust.\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'Unitrust' means a trust for which net income is a unitrust amount. 'Unitrust' includes an express unitrust.\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'Unitrust policy' means a policy described in §§ 64.2-1043 through 64.2-1047 and adopted under § 64.2-1041.\n'Unitrust rate' means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.\n2022, c. 354.
Virginia Legal Code