738.405 Rental property.
125 words·~1 min read·
/fl/title-xlii/chapter-738/738-405·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To the extent that a fiduciary does not account for the management of rental property as a business under s. 738.403 , 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:
(1)Must be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this chapter; and
(2)Is not allocated to income or available for distribution to a beneficiary until the fiduciary’s contractual obligations have been satisfied with respect to that amount.