22-3-410 - Receipts normally apportioned -- Liquidating asset. - Utah Statutes

22-3-410. Receipts normally apportioned -- Liquidating asset.
(1) In this section, "liquidating asset" means an asset whose value will diminish orterminate because the asset is expected to produce receipts for a period of limited duration. Theterm includes a leasehold, patent, copyright, royalty right, and right to receive payments during aperiod of more than one year under an arrangement that does not provide for the payment ofinterest 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 toSection 22-3-414, an asset subject to Section 22-3-415, or any asset for which the trusteeestablishes 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 thebalance to principal.

Enacted by Chapter 285, 2004 General Session