Va. Code § 64.2-1052

Current with changes from the 2024 legislative session through ch. 845

Section 64.2-1052 - Rental property

To the extent a fiduciary does not account for the management of rental property as a business under § 64.2-1050, 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. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:

1. 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. 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.

Va. Code § 64.2-1052

2022, c. 354.

Added by Acts 2022 c. 354,§ 1, eff. 7/1/2022.