Statute · New York Estates, Powers & Trusts Law
N.Y. Est. Powers & Trusts Law § 11-A-4.5 — Rental property
N.Y. Est. Powers & Trusts Law § 11-A-4.5
- Type
- Statute
- Source
- New York Estates, Powers & Trusts Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 11-A-4.5 Rental property
Citator
N.Y. Est. Powers & Trusts Law § 11-A-4.5 — Rental property is in force in the current edition of the Code, and nothing recorded condemns it.
§ 11-A-4.5 Rental property
To the extent that a trustee accounts for receipts from rental property pursuant to this section, 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, must 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.