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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, or royalty right, and a 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 § 64.2-1017 , resources subject to § 64.2-1017 , timber subject to § 64.2-1017 , an activity subject to § 64.2-1017 , an asset subject to § 64.2-1017 , or any asset for which the trustee establishes a reserve for depreciation under § 64.2-1017 . B. A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal. 1999, c. 64.2-1017 , § 55-277.19; 2012, c. 64.2-1017 .
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