Receipts not normally apportioned -- Rental property.
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(1) To the extent a fiduciary does not account for the management of rental property as a business under Section 22-3-403, 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.
(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:
(a) shall be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this chapter; and
(b) is not allocated to income or available for distribution to a beneficiary until the fiduciary's contractual obligations have been satisfied with respect to that amount.