14-7414. Rental property
To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee 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.
Section: Previous 14-7407 14-7408 14-7409 14-7410 14-7411 14-7412 14-7413 14-7414 14-7415 14-7416 14-7417 14-7418 14-7419 14-7420 14-7421 NextLast modified: October 13, 2016