Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/19-3A-410.htm |
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Depth: | 0 singles |
Size: | 1,216 bytes |
Modified: | 2003-09-04 14:39:16 |
Categories: | -None- |
Title: | 19-3A-410 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 19-3A-410 Liquidating assets. (a) 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 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 19-3A-409, natural resources subject to Section 19-3A-411, timber subject to Section 19-3A-412, an activity subject to Section 19-3A-414, an asset subject to Section 19-3A-415, or any asset for which the fiduciary establishes a reserve for depreciation under Section 19-3A-503. (b) A fiduciary shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal. (Act 2000-675, p. 1343, ยง1.) |