(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 (1) 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 91-17-409, resources subject to Section 91-17-411, timber subject to Section 91-17-412, an activity subject to Section 91-17-414, an asset subject to Section 91-17-415, or any asset for which the trustee establishes a reserve for depreciation under Section 91-17-503.(b) A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal. Laws, 2012, ch. 351, § 1, eff. 1/1/2013.
Mississippi Legal Code