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Colorado Revised Statutes Title 15. Probate, Trusts, and Fiduciaries § 15-1.2-405. Rental property

Current as of January 01, 2022 | Updated by FindLaw Staff

(1) To the extent a fiduciary does not account for the management of rental property as a business under section 15-1.2-403, 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:

(a) Must be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this article 1.2; 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.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 15. Probate, Trusts, and Fiduciaries § 15-1.2-405. Rental property - last updated January 01, 2022 | https://codes.findlaw.com/co/title-15-probate-trusts-and-fiduciaries/co-rev-st-sect-15-1-2-405/

Read this complete Colorado Revised Statutes Title 15. Probate, Trusts, and Fiduciaries § 15-1.2-405. Rental property on Westlaw. Westlaw subscription required.

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