- For the purposes of this section, the term "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 "liquidating asset" 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 "liquidating asset" does not include a payment subject to § 28-4804.09, resources subject to § 28-4804.11, timber subject to § 28-4804.12, an activity subject to § 28-4804.14, an asset subject to § 28-4804.15, or any asset for which the trustee establishes a reserve for depreciation under § 28-4805.03.
- A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal.
Historical and Statutory
Legislative History of Laws
For Law 13-292, see notes following § 28-4801.01.
This section is based upon § 410 of the Uniform Principal and Income Act (1997 Act). See 7B Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.
DC CODE § 28-4804.10
Current through December 11, 2012
(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)