The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. A trustee shall allocate to income ten per cent of the receipts from a liquidating asset and the balance to principal.
B. For the purposes of this section, "liquidating asset":
1. Means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration.
2. 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.
3. Does not include:
(a) A payment subject to section 14-7418.
(b) Resources subject to section 14-7420.
(c) Timber subject to section 14-7421.
(d) An activity subject to section 14-7423.
(e) An asset subject to section 14-7424.
(f) Any asset for which the trustee establishes a reserve for depreciation under section 14-7427.