(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 § 45a-542q, resources subject to § 45a-542s, timber subject to § 45a-542t, an activity subject to § 45a-542v, an asset subject to § 45a-542w, or any asset for which the trustee establishes a reserve for depreciation under § 45a-542z.

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Terms Used In Connecticut General Statutes 45a-542r

  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c

(b) A trustee shall allocate to income ten per cent of the receipts from a liquidating asset and the balance to principal.