A liquidating trust agreement is a formal document created to lay down the various terms and conditions related to the liquidation and distribution of the assets of a liquidating trust. A trustee is appointed who has the powers to look over for the liquidation process of the trust. A liquidating trust agreement is thus not a business trust agreement because its main purpose refers to the protection and conservation of the liquidating process and not any other business goal.
Other terms in a liquidating trust agreement must see that the trust distributes its net income or proceeds from the sale of assets once a year among all the beneficiaries, besides an amount which must be left in order to maintain the value of the trust or to pay for claims and liabilities. The trust instrument must be allotted a termination date which is usually up to five years, but this term can be extended if the move is related to the liquidating goal of the trust.
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Sample Liquidating Trust Agreement
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