68-10-405. 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.
History:
[68-10-405, added 2001, ch. 261, sec. 2, p. 954.]
Structure Idaho Code
Title 68 - TRUSTS AND FIDUCIARIES
Chapter 10 - UNIFORM PRINCIPAL AND INCOME ACT
Part 4 - ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
Section 68-10-401 - CHARACTER OF RECEIPTS.
Section 68-10-402 - DISTRIBUTION FROM TRUST OR ESTATE.
Section 68-10-403 - BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE.
Section 68-10-404 - PRINCIPAL RECEIPTS.
Section 68-10-405 - RENTAL PROPERTY.
Section 68-10-406 - OBLIGATION TO PAY MONEY.
Section 68-10-407 - INSURANCE POLICIES AND SIMILAR CONTRACTS.
Section 68-10-408 - INSUBSTANTIAL ALLOCATIONS NOT REQUIRED.
Section 68-10-409 - DEFERRED COMPENSATION, ANNUITIES, AND SIMILAR PAYMENTS.
Section 68-10-410 - LIQUIDATING ASSET.
Section 68-10-411 - MINERALS, WATER AND OTHER NATURAL RESOURCES.
Section 68-10-413 - PROPERTY NOT PRODUCTIVE OF INCOME.