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Arizona Revised Statutes Title 14. Trusts, Estates and Protective Proceedings § 14-7419. Liquidating assets; definition

Current as of January 01, 2025 | Updated by Findlaw Staff

A. A trustee shall allocate to income ten per cent of the receipts from a liquidating asset and the balance to principal.

B. For the purposes of this section, “liquidating asset”:

1. Means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration.

2. 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.

3. Does not include:

(a) A payment subject to § 14-7418.

(b) Resources subject to § 14-7420.

(c) Timber subject to § 14-7421.

(d) An activity subject to § 14-7423.

(e) An asset subject to § 14-7424.

(f) Any asset for which the trustee establishes a reserve for depreciation under § 14-7427.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 14. Trusts, Estates and Protective Proceedings § 14-7419. Liquidating assets; definition - last updated January 01, 2025 | https://codes.findlaw.com/az/title-14-trusts-estates-and-protective-proceedings/az-rev-st-sect-14-7419/

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