Pennsylvania § 8150 - Liquidating asset.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 8150 — Liquidating asset., with citation guidance and answers to common questions.
§ 8150. Liquidating asset.
(a) Allocation.--A trustee shall allocate to income 10% of the receipts from a liquidating asset and the balance to principal.
(b) Definition.--As used in this section, the term "liquidating asset" means an asset the value of which 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 which does not provide for the payment of interest on the unpaid balance. The term does not include any of the following:
(1) A payment subject to section 8149 (relating to retirement benefits, individual retirement accounts, deferred compensation, annuities and similar payments).
(2) Resources subject to section 8151 (relating to minerals, water and other natural resources).
(3) Timber subject to section 8152 (relating to timber).
(4) An activity subject to section 8154 (relating to derivatives and options).
(5) An asset subject to section 8155 (relating to asset-backed securities).
(6) An asset for which the trustee establishes a reserve for depreciation under section 8163 (relating to discretionary allocation of disbursements).
Cross References. Section 8150 is referred to in sections 8144, 8146, 8148, 8149 of this title.
Frequently Asked Questions About Pennsylvania § 8150
What does Pennsylvania Consolidated Statutes § 8150 cover?
Section 8150 ("Liquidating asset.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 8150?
A common citation format is "Pennsylvania Consolidated Statutes § 8150" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 8150 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.