Mississippi § 91-17-410 - Liquidating asset.
Full text of Mississippi Mississippi Code of 1972 Annotated § 91-17-410 — Liquidating asset., with citation guidance and answers to common questions.
§ 91-17-410. Liquidating asset.
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, royalty right, and right to receive payments during a period of more than one (1) 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 Section 91-17-409, resources subject to Section 91-17-411, timber subject to Section 91-17-412, an activity subject to Section 91-17-414, an asset subject to Section 91-17-415, or any asset for which the trustee establishes a reserve for depreciation under Section 91-17-503. A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal.
Frequently Asked Questions About Mississippi § 91-17-410
What does Mississippi Code of 1972 Annotated § 91-17-410 cover?
Section 91-17-410 ("Liquidating asset.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. 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 Mississippi § 91-17-410?
A common citation format is "Mississippi Code of 1972 Annotated § 91-17-410" (Mississippi). 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 Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 91-17-410 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi 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 Mississippi.