§ 5812.33 — Liquidating asset

Ohio § 5812.33

• Jurisdiction: Ohio
• Title 58: Trusts
• Ch. 5812: Uniform Principal And Income Act

Text

(A) As used 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. "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. "Liquidating asset" excludes a payment subject to section5812.32of the Revised Code, resources subject to section5812.34of the Revised Code, timber subject to section5812.35of the Revised Code, an activity subject to section5812.37of the Revised Code, an asset subject to section5812.38of the Revised Code, or any asset for which the trustee establishes a reserve for depreciation under section5812.44of the Revised Code.

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

Legislative History

Effective: January 1, 2007 | Latest Legislation: House Bill 416 - 126th General Assembly