55-277.14 - Rental property. - Virginia Statutes

§ 55-277.14. Rental property.

To the extent that a trustee accounts for receipts from rental propertypursuant to this section, the trustee shall allocate to income an amountreceived as rent of real or personal property, including an amount receivedfor cancellation or renewal of a lease. An amount received as a refundabledeposit, including a security deposit or a deposit that is to be applied asrent for future periods, must be added to principal and held subject to theterms of the lease and is not available for distribution to a beneficiaryuntil the trustee's contractual obligations have been satisfied with respectto that amount.

(1999, c. 975.)