North Carolina § 37A-4-410 - Liquidating asset.
Full text of North Carolina North Carolina General Statutes § 37A-4-410 — Liquidating asset., with citation guidance and answers to common questions.
§ 37A-4-410. 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 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. A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal. History (2003-232, s. 2.)
Frequently Asked Questions About North Carolina § 37A-4-410
What does North Carolina General Statutes § 37A-4-410 cover?
Section 37A-4-410 ("Liquidating asset.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. 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 North Carolina § 37A-4-410?
A common citation format is "North Carolina General Statutes § 37A-4-410" (North Carolina). 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 North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 37A-4-410 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina 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 North Carolina.