South Dakota § 55-13A-410 Liquidating asset.

South Dakota Statutes

§ 55-13A-410 — Liquidating asset.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-13A UNIFORM PRINCIPAL AND INCOME ACT

(a)In 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 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 § 55-13A-409 , resources subject to § 55-13A-411 , timber subject to § 55-13A-412 , an activity subject to § 55-13A-414 , an asset subject to § 55-13A-415 , or any asset for which the trustee establishes a reserve for depreciation under § 55-13A-503 .

(b)A trustee shall allocate to income ten percent of the receipts from a liquidatin

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(a) In 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 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 § 55-13A-409 , resources subject to § 55-13A-411 , timber subject to § 55-13A-412 , an activity subject to § 55-13A-414 , an asset subject to § 55-13A-415 , or any asset for which the trustee establishes a reserve for depreciation under § 55-13A-503 . (b) A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal.

South Dakota § 55-13A-410 (Liquidating asset.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.