DIVISION 9. TRUST LAW 15000-19530›PART 4. TRUST ADMINISTRATION 16000-16504›CHAPTER 3. Uniform Principal and Income Act 16320-16375›ARTICLE 5.2. Allocation of Receipts During Administration of Trust: Receipts Not Normally Apportioned 16355-16358
§ 16356
California Probate Code · 2020-11 edition · updated 2026-10-04 · California
Unless the trustee accounts for receipts from rental property pursuant to Section 16352, the trustee 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, shall be added to principal and held subject to the terms of the lease, and is not available for distribution to a beneficiary until the trustee’s contractual obligations have been satisfied with respect to that amount.
(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
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