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Fiduciaries and Trusts | |
Uniform Principal and Income Act | |
Section 410 | Receipts normally apportioned -- Liquidating asset. |
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22-3-410. Receipts normally apportioned -- Liquidating asset. (1) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term 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. The term does not include a payment subject to Section 22-3-409, resources subject to Section 22-3-411, timber subject to Section 22-3-412, an activity subject to Section 22-3-414, an asset subject to Section 22-3-415, or any asset for which the trustee establishes a reserve for depreciation under Section 22-3-503. (2) A trustee shall allocate to income 10% of the receipts from a liquidating asset and the balance to principal.
Enacted by Chapter 285, 2004 General Session |
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