EPTL 11-A-4.5 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 11-A-4.4 Principal receipts up SUBPART 2 Receipts Not Normally Apportioned next SECTION 11-A-4.6 Obligation to pay money Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 11-A-4.5 Rental property Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 11-A, PART 4, SUBPART 2 § 11-A-4.5 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.