Section 37A-4-410 - 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 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 G.S. 37A-4-409, resources subject to G.S. 37A-4-411, timber subject to G.S. 37A-4-412, an activity subject to G.S. 37A-4-414, an asset subject to G.S. 37A-4-415, or any asset for which the trustee establishes a reserve for depreciation under G.S. 37A-5-503.(b) A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal.N.C. Gen. Stat. § 37A-4-410
Added by 2003 N.C. Sess. Laws 0232, s. 2, eff. 1/1/2004.