Section 55-13A-410 - Liquidating asset. - South-dakota Statutes

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Statutes > South-dakota > Title-55 > Chapter-13a > Statute-55-13a-410

55-13A-410. Liquidating asset. (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.

Source: SL 2007, ch 282, § 20.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-13a > Statute-55-13a-410

55-13A-410. Liquidating asset. (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.

Source: SL 2007, ch 282, § 20.

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State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-13a > Statute-55-13a-410

55-13A-410. Liquidating asset. (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.

Source: SL 2007, ch 282, § 20.