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18-C §7-450. Liquidating asset

18-C ME Rev Stat § 7-450 (2019) (N/A)
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§7-450. Liquidating asset

1.  Liquidating asset.  As used 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. "Liquidating asset" 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. "Liquidating asset" does not include a payment subject to section 7-449, resources subject to section 7-451, timber subject to section 7-452, an activity subject to section 7-454, an asset subject to section 7-455 or any asset for which the trustee establishes a reserve for depreciation under section 7-463.

[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]

2.  Allocation.  A trustee shall allocate to income 10% of the receipts from a liquidating asset and the balance to principal.

[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]

SECTION HISTORY

PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).

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18-C §7-451. Minerals, water and other natural resources