Florida § 738.410 - Liquidating asset.
Full text of Florida Florida Statutes § 738.410 — Liquidating asset., with citation guidance and answers to common questions.
§ 738.410. Liquidating asset.
(1) As used in this section, the term “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term 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. (2) This section does not apply to a receipt that is subject to s. 738.401, s. 738.409, s. 738.411, s. 738.412, s. 738.414, s. 738.415, s. 738.416, or s. 738.503. (3) A fiduciary shall allocate to income a receipt produced by a liquidating asset to the extent that the receipt does not exceed 5 percent of the carrying value of the asset at the beginning of the accounting period and allocate to principal the balance of the receipt. (4) The amount allocated to principal shall reduce the carrying value of the liquidating asset, but not below zero. Amounts received in excess of the remaining carrying value must be allocated to principal.
Frequently Asked Questions About Florida § 738.410
What does Florida Statutes § 738.410 cover?
Section 738.410 ("Liquidating asset.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 738.410?
A common citation format is "Florida Statutes § 738.410" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 738.410 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.