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Kansas Statutes Chapter 58. Personal and Real Property § 58-9a-405. Receipts from rental property

Current as of January 01, 2025 | Updated by Findlaw Staff

To the extent a fiduciary does not account for the management of rental property as a business under K.S.A. 58-9a-403, and amendments thereto, 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 act; 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 - Kansas Statutes Chapter 58. Personal and Real Property § 58-9a-405. Receipts from rental property - last updated January 01, 2025 | https://codes.findlaw.com/ks/chapter-58-personal-and-real-property/ks-st-sect-58-9a-405/

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