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2024 Florida Statutes

Title XLII ESTATES AND TRUSTS
Chapter 738 UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT Entire Chapter
SECTION 405
Rental property.
F.S. 738.405
738.405 Rental property.—To the extent that a fiduciary does not account for the management of rental property as a business under s. 738.403, 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.
History.—s. 24, ch. 2024-216.