Maine Revised Statutes

§7-750. 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 section 7-749, resources subject to section 7-751, timber subject to section 7-752, an activity subject to section 7-754, an asset subject to section 7-755, or any asset for which the trustee establishes a reserve for depreciation under section 7-763.
[ 2001, c. 544, §2 (NEW) .]
(b).    A trustee shall allocate to income 10% of the receipts from a liquidating asset and the balance to principal.
[ 2001, c. 544, §2 (NEW) .]
SECTION HISTORY
2001, c. 544, §2 (NEW).