Section 22-3-405 - [Renumbered Effective 9/1/2024] Receipts not normally apportioned - Rental property(1) To the extent a fiduciary does not account for the management of rental property as a business under Section 22-3-403, 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: (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(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.Renumbered as § 75A-5-405 by Chapter (number not assigned at time of publication), 2024 General Session ,§ 150, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 18, eff. 7/1/2020.Repealed and reenacted by Chapter 495, 2019 General Session ,§ 21, eff. 7/1/2020.Amended by Chapter 297, 2011 General Session