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Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-77-405. Rental property

Current as of March 28, 2024 | Updated by FindLaw Staff

To the extent a fiduciary does not account for the management of rental property as a business under § 28-77-403, 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. 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) must 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.

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Cite this article: FindLaw.com - Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-77-405. Rental property - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-28-wills-estates-and-fiduciary-relationships/ar-code-sect-28-77-405/

Read this complete Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-77-405. Rental property on Westlaw. Westlaw subscription required.

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