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The Florida Statutes

The 2019 Florida Statutes

Title XLII
ESTATES AND TRUSTS
Chapter 738
PRINCIPAL AND INCOME
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F.S. 738.502
738.502 Rental property.If a fiduciary accounts for receipts from rental property pursuant to this section, 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, 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 fiduciary‚Äôs contractual obligations have been satisfied with respect to that amount.
History.s. 1, ch. 2002-42; s. 16, ch. 2012-49.