Utah § 75A-5-405 Receipts not normally apportioned -- Rental property.

Utah Statutes

§ 75A-5-405 — Receipts not normally apportioned -- Rental property.

Utah·Title 75A Fiduciaries·Ch. 75A-5 Uniform Fiduciary Income and Principal Act·Part 75A-5-4 Allocation of Receipts

(1)To the extent a fiduciary does not account for the management of rental property as a business under Section 75A-5-403, 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.

(2)An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:

(2)(a) shall 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)(b) 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.

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(1) To the extent a fiduciary does not account for the management of rental property as a business under Section 75A-5-403, 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.
(2) An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:
(2)(a) shall 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)(b) 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.

Utah § 75A-5-405 (Receipts not normally apportioned -- Rental property.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.