Nevada Revised Statutes Section 164.845 - Guardianships - Conservatorships - Trusts

Allocation of receipts from rental property to income; treatment of refundable deposit. To the extent that a trustee accounts for receipts from rental property pursuant to this section, he shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee’s contractual obligations have been satisfied with respect to that amount.

Last modified: February 25, 2006