(a) To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate an amount received as rent of real or personal property to income, including an amount received for cancellation or renewal of a lease.
(b) An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods,
(1) shall be added to principal;
(2) shall be held subject to the terms of the lease; and
(3) is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.
Section: Previous 13.38.600 13.38.610 13.38.620 13.38.630 13.38.640 13.38.650 13.38.660 13.38.670 13.38.680 13.38.690 13.38.700 13.38.710 13.38.720 13.38.730 13.38.740 NextLast modified: November 15, 2016