Arkansas § 28-77-410 Liquidating asset

Arkansas Statutes

§ 28-77-410 — 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 limited time. 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.

(b)This section does not apply to a receipt subject to § 28-77-401 , § 28-77-409 , § 28-77-411 , § 28-77-412 , § 28-77-414 , § 28-77-415 , § 28-77-416 , or § 28-77-503 .

(c)A fiduciary shall allocate:

(1)to income:

(A)a receipt produced by a liquidating asset, to the extent the receipt does not exceed five percent of the value of the asset; or (B) if the fiduciary cannot determine the value of the ass

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(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 limited time. 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. (b) This section does not apply to a receipt subject to § 28-77-401 , § 28-77-409 , § 28-77-411 , § 28-77-412 , § 28-77-414 , § 28-77-415 , § 28-77-416 , or § 28-77-503 . (c) A fiduciary shall allocate: (1) to income: (A) a receipt produced by a liquidating asset, to the extent the receipt does not exceed five percent of the value of the asset; or (B) if the fiduciary cannot determine the value of the asset, 10 percent of the receipt; and (2) to principal, the balance of the receipt.

Arkansas § 28-77-410 (Liquidating asset) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.