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2015 Kentucky Revised Statutes
CHAPTER 386 - ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT
386.472 Receipts from rental property.

KY Rev Stat § 386.472 (2015) What's This?

Download as PDF 386.472 Receipts from 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 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. Effective: January 1, 2005 History: Created 2004 Ky. Acts ch. 158, sec. 12, effective January 1, 2005.

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