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§ 15-517. Liquidating assets

West's Annotated Code of MarylandEstates and Trusts

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 15. Fiduciaries (Refs & Annos)
Subtitle 5. Maryland Uniform Principal and Income Act (Refs & Annos)
Part IV. Allocation of Receipts During Administration of Trust (Refs & Annos)
Subpart C. Receipts Normally Apportioned (Refs & Annos)
MD Code, Estates and Trusts, § 15-517
§ 15-517. Liquidating assets
Currentness
Liquidating asset defined
(a)(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.
(2) “Liquidating asset” includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than 1 year under an arrangement that does not provide for the payment of interest on the unpaid balance.
(3) “Liquidating asset” does not include a payment subject to § 15-516 of this subtitle, resources subject to § 15-518 of this subtitle, timber subject to § 15-519 of this subtitle, an activity subject to § 15-521 of this subtitle, an asset subject to § 15-522 of this subtitle, or any asset for which the trustee establishes a reserve for depreciation under § 15-525 of this subtitle.
Allocation as income or principal
(b) A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal.

Credits

Added by Acts 2000, c. 292, § 2, eff. Oct. 1, 2000.
MD Code, Estates and Trusts, § 15-517, MD EST & TRST § 15-517
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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