To the extent a fiduciary does not account for the management of rental property as a business under Section 16342, 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. Both of the following apply to 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) The amount shall be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this chapter.
(2) The amount 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.