EPTL 11-A-4.10 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 11-A-4.9 Deferred compensation, annuities, and similar payments up SUBPART 3 Receipts Normally Apportioned next SECTION 11-A-4.11 Minerals, water, and other natural resources Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 11-A-4.10 Liquidating asset Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 11-A, PART 4, SUBPART 3 § 11-A-4.10 Liquidating asset (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 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 11-A-4.9, resources subject to 11-A-4.11, timber subject to 11-A-4.12, an activity subject to 11-A-4.14, an asset subject to 11-A-4.15, or any asset for which the trustee establishes a reserve for depreciation under 11-A-5.3. (b) A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal.