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Owner forgot to put deposit in separate account but still has the money what is the repercussion...any advice from a legal standpoint?for
You won't get legal advice here...call a lawyer.
If they still have the money and you're due all/some of it back, (including interest, if applicable) and it is returned, does it really matter where it was held?
In the grand scheme of things, yes, they should be following the law. If it really bothers you that badly ask them to deposit it in a separate account.
For my state I'm not required to keep it in a separate account. All moneys from a specific rental goes in the account that's assigned to that rental. All receivables and payables come out of that account for that property only. No cross payments to other properties.
Either way how exactly do you know where the money is held?
Owner forgot to put deposit in separate account but still has the money what is the repercussion...any advice from a legal standpoint?for
There is none, that's only in place to make sure you get it back and they don't spend it. If interest is required to be paid in your state they have to return the full amount plus any interest minus any damage. The story about them having to put it in a separate account is a myth in most jurisdictions and people think it's standard. In most places they just have to keep it somewhere safe and not spend it.
You can't sue someone because you don't like where they kept your security deposit. They can keep it in their sock drawer for all they want, as long as they return it to you when you leave what do you care? If ti's stolen from them it's still their responsibility to return it to you.
While seperate accounts are not required, as landlord may mingle all security deposits held in a single account. Landlord shall not mingle deposit funds with landlord’s personal funds. If landlord mingles security deposits in a single account under, landlord shall pay the actual interest earned on such account proportionately to each tenant. (§§ 540-A:6 (II)(a) and (IV)(a))
Interest is required to be paid if security deposit is held longer than one year. The landlord shall pay tenant interest on the deposit at a rate equal to the interest rate paid on regular savings accounts in the New Hampshire bank, savings and loan association, or credit union in which it is deposited, starting from the date the landlord receives the deposit. The tenant may request the interest accrued on a security deposit every three years, 30 days before the expiration of that year’s tenancy, and the landlord shall comply with the request within 15 days of the expiration of that year’s tenancy.(§§ 540-A:6(IV))
However, neither of these laws apply to a landlord who rents or leases a single-family residence and owns no other rental property, or who rents rental units in an owner-occupied building of 5 units.(§§ 540-A:5(I))
There is none, that's only in place to make sure you get it back and they don't spend it. If interest is required to be paid in your state they have to return the full amount plus any interest minus any damage. The story about them having to put it in a separate account is a myth in most jurisdictions and people think it's standard. In most places they just have to keep it somewhere safe and not spend it.
You can't sue someone because you don't like where they kept your security deposit. They can keep it in their sock drawer for all they want, as long as they return it to you when you leave what do you care? If ti's stolen from them it's still their responsibility to return it to you.
Actually...20 states require the landlord to have seperate accounts for the security deposit.
Owner forgot to put deposit in separate account but still has the money...
what is the repercussion...
Repercussion for what?
Quote:
...any advice from a legal standpoint?f
From a legal standpoint... you need to have "standing"
Have you been injured or suffered a loss of any sort or kind?
Unless the LL been unable to refund the deposit you really have no complaint to pursue.
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In those jurisdictions where the LAW really requires deposit moneys be held separate...
the COUNTY or STATE will have a detailed description of the legalities and standing to pursue remedies/penalties.
But even here... unless the LL is unable to produce the funds I doubt anything serious will happen.
Very very few states require that deposits have to be kept in a separate account (like maybe only two states). If you are the landlord, and you are located in one of those states, put the deposit into a separate account now.
If you are the tenant, you don't have much recourse except to write to your landlord asking where the deposit is being saved. As long as you get back whatever is due from the deposit after damages, you don't have much to complain about.
Several states (Oregon is one of them) do not even require that the landlord keep the deposit. The landlord can spend it on whatever he wants to whenever he wants to as long as the landlord can come up with the money to refund the deposit when the tenant moves out.
You can sue for whatever your damages are. What are your damages?
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