(410) Liquidating asset

N.D. Cent. Code § 59-04.2-18
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
59-04.2-18. (410) Liquidating asset 1. 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 59-04.2-17, resources subject to section 59-04.2-19, timber subject to section 59-04.2-20, an activity subject to section 59-04.2-22, an asset subject to section 59-04.2-23, or any asset for which the trustee establishes a reserve for depreciation under section 59-04.2-26. 2. A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t59c04-2.pdf#nameddest=59-04p2-18Fetched: 10/16/2026

Starting a business in North Dakota? North Dakota LLC guide: costs and requirements