WASHINGTON STATUTES AND CODES

11.104A.190 - Liquidating asset.

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 RCW 11.104A.180, resources subject to RCW 11.104A.200, timber subject to RCW 11.104A.210, an activity subject to RCW 11.104A.230, an asset subject to RCW 11.104A.240, or any asset for which the trustee establishes a reserve for depreciation under RCW 11.104A.270.

(b) A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal.

[2002 c 345 § 410.]