Montana Code 72-34-437. Amounts received from rental property allocation
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72-34-437. Amounts received from rental property allocation. Unless the trustee accounts for receipts from rental property pursuant to 72-34-435, 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.
Terms Used In Montana Code 72-34-437
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Income: means money or property that a fiduciary receives as current return from a principal asset. See Montana Code 72-34-422
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Montana Code 1-1-205
- Trustee: A person or institution holding and administering property in trust.