District of Columbia Code Division V. Local Business Affairs § 28-4804.10. Liquidating asset.
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(a) For the purposes of this section, the term “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 “liquidating asset” 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 “liquidating asset” does not include a payment subject to § 28-4804.09, resources subject to § 28-4804.11, timber subject to § 28-4804.12, an activity subject to § 28-4804.14, an asset subject to § 28-4804.15, or any asset for which the trustee establishes a reserve for depreciation under § 28-4805.03.
(b) A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 28-4804.10. Liquidating asset. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-28-4804-10/
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