72-34-437. Amounts received from rental property allocation. Unless the trustee accounts for receipts from rental property pursuant to 72-34-435, 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: En. Sec. 17, Ch. 506, L. 2003.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 34. Principal and Income
Part 4. Montana Uniform Principal and Income Act
72-34-413. through 72-34-415 reserved
72-34-417. through 72-34-420 reserved
72-34-423. Allocation between principal and income -- impartial exercise of discretion
72-34-424. Adjustments between principal and income
72-34-426. Proceedings relating to adjustments -- remedy
72-34-427. Application of part
72-34-428. Rules applicable after decedent's death or termination of income interest
72-34-429. Beneficiary's portion of net income -- maintenance of records -- distribution date
72-34-431. Allocation of income receipt or disbursement
72-34-432. Undistributed income -- definition -- payment to beneficiary
72-34-433. Allocation of receipts to income or principal -- entity defined
72-34-434. Allocation of amounts received from specified trusts or estates
72-34-435. Separate accounting records for business or other activity
72-34-436. Amounts allocated to principal
72-34-437. Amounts received from rental property allocation
72-34-438. Interest on obligation to pay money -- allocation
72-34-440. Insubstantial allocation -- allocation of entire amount to principal -- exceptions
72-34-442. Receipts from liquidating assets -- allocation
72-34-443. Receipts from mineral interests and other natural resources -- allocation
72-34-444. Receipts from sale of timber and related products -- allocation
72-34-445. Increasing income in order to maintain marital deduction
72-34-448. Disbursements from income
72-34-449. Disbursements from principal
72-34-451. Transfer from income to principal in anticipation of principal disbursement
72-34-453. Adjustments between principal and income in certain cases