58-9-405. Rental property.

58-9-405

Chapter 58.--PERSONAL AND REAL PROPERTY Part 4.--ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST Article 9.--UNIFORM PRINCIPAL AND INCOME ACT (1997)

      58-9-405.   Rental property.To the extent that a trustee accountsfor receipts from rental property pursuant to this section, the trustee shallallocate toincome an amount received as rent of real or personal property, including anamount received for cancellation or renewal of a lease. An amount received asarefundable deposit, including a security deposit or a deposit that is to beapplied asrent for future periods, must be added to principal and held subject to theterms ofthe lease and is not available for distribution to a beneficiary until thetrustee's contractual obligations have been satisfied with respect to thatamount.

      History:   L. 2000, ch. 61, § 14; July 1.