738.502 Rental property.—If a fiduciary accounts for receipts from rental property pursuant to this section, the fiduciary 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 fiduciary’s contractual obligations have been satisfied with respect to that amount.
History.—s. 1, ch. 2002-42; s. 16, ch. 2012-49.
Section: Previous 738.301 738.302 738.303 738.401 738.402 738.403 738.501 738.502 738.503 738.504 738.601 738.602 738.603 738.604 738.605 NextLast modified: September 23, 2016