A trustee shall allocate to principal:
1. To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;
2. Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this article;
3. Amounts recovered from third parties to reimburse the trust because of disbursements described in subdivision A 7 of § 64.2-1025 or for other reasons to the extent not based on the loss of income;
4. Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;
5. Net income received in an accounting period during which there is no beneficiary to whom a trustee may or shall distribute income; and
6. Other receipts as provided in §§ 64.2-1016 through 64.2-1023.
1999, c. 975, § 55-277.13; 2012, c. 614.