22-3-405 - Receipts not normally apportioned -- Rental property.
22-3-405. Receipts not normally apportioned -- Rental property.
To the extent that a trustee accounts for receipts from rental property pursuant to thissection, the trustee shall allocate to income an amount received as rent of real or personalproperty, including an amount received for cancellation or renewal of a lease. An amountreceived as a refundable deposit, including a security deposit or a deposit that is to be applied asrent for future periods, must be added to principal and held subject to the terms of the lease and isnot available for distribution to a beneficiary until the trustee's contractual obligations have beensatisfied with respect to that amount.
Enacted by Chapter 285, 2004 General Session