Prob. Code, § 16349 · Article 4. Allocation of Receipts
Prob. Code, § 16349
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) For purposes of this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. 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.
(b) This section does not apply to a receipt subject to Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362.
(c) A fiduciary shall make allocations in the following manner:
(1) To income:
(A) A receipt produced by a liquidating asset, to the extent the receipt does not exceed 4 percent of the value of the asset.
(B) If the fiduciary cannot determine the value of the asset, 10 percent of the receipt.
(2) To principal, the balance of the receipt.
Notes and commentary — not statutory text
History
Added by Stats. 2023, Ch. 28, Sec. 2. (SB 522) Effective January 1, 2024.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PROB§ionNum=16349.
- Text hash
- sha256 a1385a6a3a3dd07d289b18dd9bd9b9b07bcb833074141f85bb1c32773e6971c2
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Probate Code
- Prob. Code, § 16340Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16348Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16350Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16351Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16353Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16354Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16355Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16362Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
Cited by 4 provisions
Provisions in this library whose text cites Prob. Code, § 16349. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.