North Dakota § 59-04.2-18 (410) Liquidating asset

North Dakota Statutes

§ 59-04.2-18 — (410) Liquidating asset

North Dakota § 59-04.2-18

Title 59Trusts, Uses, and Powers

Ch. 59-04.2Uniform Principal and Income Act (1997)

This text of North Dakota § 59-04.2-18 ((410) Liquidating asset) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 59-04.2-18 (2026).

Text

1.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 section 59-04.2-17, resources subject to section 59-04.2-19, timber subject to section 59-04.2-20, an activity subject to section 59-04.2-22, an asset subject to section 59-04.2-23, or any asset for which the trustee establishes a reserve for depreciation under section 59-04.2-26.

2.A trustee shall allocate to income ten percent of the receipts

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1. 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 section 59-04.2-17, resources subject to section
59-04.2-19, timber subject to section 59-04.2-20, an activity subject to section

59-04.2-22, an asset subject to section 59-04.2-23, or any asset for which the trustee
establishes a reserve for depreciation under section 59-04.2-26.
2. A trustee shall allocate to income ten percent of the receipts from a liquidating asset
and the balance to principal.