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Alaska Statutes.

Title 13. Estates, Guardianships, Transfers, Trusts.

Chapter 38. Principal and Income of Trusts

Section 640. Rental Property.

AS 13.38.640. Rental Property.

(a) To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate an amount received as rent of real or personal property to income, including an amount received for cancellation or renewal of a lease.

(b) 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) shall be added to principal;

(2) shall be held subject to the terms of the lease; and

(3) is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.

Note to HTML Version:

This version of the Alaska Statutes is current through December, 2004. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.

Last modified 9/3/2005