Georgia § 53-12-426 - Liquidating asset.
Full text of Georgia Official Code of Georgia Annotated § 53-12-426 — Liquidating asset., with citation guidance and answers to common questions.
§ 53-12-426. Liquidating asset.
As used in this Code section, the term "liquidating asset" means an asset whose value will diminish or terminate because such asset is expected to produce receipts for a period of limited duration. Such 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. Such term shall not include a payment subject to Code Section 53-12-425, resources subject to Code Section 53-12-427, timber subject to Code Section 53-12-428, an activity subject to Code Section 53-12-430, an asset subject to Code Section 53-12-431, or any asset for which the trustee establishes a reserve for depreciation under Code Section 53-12-452. A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal. (Code 1981, § 53-12-426 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
Frequently Asked Questions About Georgia § 53-12-426
What does Official Code of Georgia Annotated § 53-12-426 cover?
Section 53-12-426 ("Liquidating asset.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. 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 Georgia § 53-12-426?
A common citation format is "Official Code of Georgia Annotated § 53-12-426" (Georgia). 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 Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 53-12-426 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia 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 Georgia.