22-3-410.  Receipts normally apportioned — Liquidating asset.

(1)  In this section:

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Terms Used In Utah Code 22-3-410

  • Fiduciary: A trustee, executor, or administrator.
(a)  “Liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time.

(b)  “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.

(2)  This section does not apply to a receipt subject to Section 22-3-401, 22-3-409, 22-3-411, 22-3-412, 22-3-414, 22-3-415, 22-3-416, or 22-3-503.

(3)  A fiduciary shall allocate:

(a)  to income:

(i)  a receipt produced by a liquidating asset, to the extent the receipt does not exceed 3% of the value of the asset; or

(ii)  if the fiduciary cannot determine the value of the asset, 10% of the receipt; and

(b)  to principal, the balance of the receipt.

Repealed and Re-enacted by Chapter 495, 2019 General Session

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