37A-4-405. Rental property.
To the extent that a trustee accounts for receipts from rental property under 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, shall 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. (2003-232, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 37A - Uniform Principal and Income Act
Article 4 - Allocation of Receipts During Administration of Trust.
§ 37A-4-401 - Character of receipts.
§ 37A-4-402 - Distribution from trust or estate.
§ 37A-4-403 - Business and other activities conducted by trustee.
§ 37A-4-404 - Principal receipts.
§ 37A-4-405 - Rental property.
§ 37A-4-406 - Obligation to pay money.
§ 37A-4-407 - Insurance policies and similar contracts.
§ 37A-4-408 - Insubstantial allocations not required.
§ 37A-4-409 - Deferred compensation, annuities, and similar payments.
§ 37A-4-410 - Liquidating asset.
§ 37A-4-411 - Minerals, water, and other natural resources.
§ 37A-4-413 - Property not productive of income.