Vermont § 3360 - Liquidating asset
Full text of Vermont Vermont Statutes Online § 3360 — Liquidating asset, with citation guidance and answers to common questions.
§ 3360. Liquidating asset
- (a) As used 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 section 3359 of this title, resources subject to section 3361 of this title, timber subject to section 3362 of this title, an activity subject to section 3364 of this title, an asset subject to section 3365 of this title, or any asset for which the trustee establishes a reserve for depreciation under
section 3373 of this title. (b) A trustee shall allocate to income 10 percent of the receipts from a liquidating asset
and the balance to principal. (Added 2011, No. 114 (Adj. Sess.), § 1.)
Frequently Asked Questions About Vermont § 3360
What does Vermont Statutes Online § 3360 cover?
Section 3360 ("Liquidating asset") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 3360?
A common citation format is "Vermont Statutes Online § 3360" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 3360 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.