{"data":{"id":"us-nc/n.c.-gen.-stat.-37a-4-410","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 37A-4-410","heading":"Liquidating asset.","body":"(a)\tIn 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 G.S. 37A-4-409, resources subject to G.S. 37A-4-411, timber subject to G.S. 37A-4-412, an activity subject to G.S. 37A-4-414, an asset subject to G.S. 37A-4-415, or any asset for which the trustee establishes a reserve for depreciation under G.S. 37A-5-503.\n(b)\tA trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal. (2003-232, s. 2.)","path":["Chapter 37A. Uniform Principal and Income Act.","Article 4. Allocation of Receipts During Administration of Trust.","Part 3. Receipts Normally Apportioned."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_37A/GS_37A-4-410.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:01:42Z","sha256":"12c00d49ac91c13065398b1a0d5e16b9a28348583ce6d8459c39a451369587e6","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-37a-4-409","next":"us-nc/n.c.-gen.-stat.-37a-4-411"},"notice":"GroundRules: Original legal text. Not legal advice."}