469.439. Ten percent of receipts from liquidating asset allocated to income, remainder to principal.
Ten percent of receipts from liquidating asset allocated to income,remainder to principal.
469.439. 1. As used in this section, the phrase "liquidating asset"means an asset whose value will diminish or terminate because the asset isexpected to produce receipts for a period of limited duration. The phraseincludes a leasehold, patent, copyright, royalty right, and right toreceive payments during a period of more than one year under an arrangementthat does not provide for the payment of interest on the unpaid balance.The phrase does not include a payment subject to section 469.437, resourcessubject to section 469.441, timber subject to section 469.443, an activitysubject to section 469.447, an asset subject to section 469.449, or anyasset for which the trustee establishes a reserve for depreciation pursuantto section 469.455.
2. A trustee shall allocate to income ten percent of the receiptsfrom a liquidating asset and the balance to principal.
(L. 2001 H.B. 241)