Title 22 Fiduciaries and Trusts Chapter 3 Uniform Principal and Income Act Section 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 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.
Enacted by Chapter 285, 2004 General Session
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