Iowa Code 637.411 – Rental property
Current as of: 2024 | Check for updates
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Terms Used In Iowa Code 637.411
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- property: includes personal and real property. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
637.411 Rental property.
1. An amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease, must be allocated to income.
2. 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.
99 Acts, ch 124, §13
1. An amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease, must be allocated to income.
2. 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.
99 Acts, ch 124, §13