N.Y. Est. Powers & Trusts Law § 11-a-4.5

§ 11-A-4.5 Rental property\n To the extent that a trustee accounts for receipts from rental\nproperty pursuant to this section, the trustee shall allocate to income\nan amount received as rent of real or personal property, including an\namount received for cancellation or renewal of a lease. An amount\nreceived as a refundable deposit, including a security deposit or a\ndeposit that is to be applied as rent for future periods, must be added\nto principal and held subject to the terms of the lease and is not\navailable for distribution to a beneficiary until the trustee's\ncontractual obligations have been satisfied with respect to that amount.\n