14-7419
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14-7419. Liquidating assets; definition A. A trustee shall allocate to income ten per cent of the receipts from a liquidating asset and the balance to principal. B. For the purposes of this section, "liquidating asset": 1. Means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. 2. 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. 3. Does not include: (a) A payment subject to section 14-7418. (b) Resources subject to section 14-7420. (c) Timber subject to section 14-7421. (d) An activity subject to section 14-7423. (e) An asset subject to section 14-7424. (f) Any asset for which the trustee establishes a reserve for depreciation under section 14-7427. |