637.422 Liquidating asset. 1. 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 leaseholds, patents, trademarks, copyrights, royalty rights, and rights toreceive payments during a period of more than one year under an arrangement that doesnot provide for the payment of interest on the unpaid balance. The term does not includedeferred compensation that is subject to section 637.421, natural resources that are subjectto section 637.423, timber that is subject to section 637.424, an activity that is subject tosection 637.426, or any asset for which the trustee establishes a reserve for depreciationunder section 637.503. 2. A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal. 99 Acts, ch 124, §18Referred to in §637.412, 637.420, 637.421 Sat Dec 23 12:19:16 2023 Iowa Code 2024, Section 637.422 (16, 0)
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