§ 7-105 — Landlord failing to turn over deposits made by tenants or licensees and to notify tenants or licensees thereof in certain cases

New York § 7-105

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 1: Money Deposited As Security to Be Held In Trust In Certain Cases
• Art. 7: Obligations Relating to Property Received As Security

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§ 7-105. Landlord failing to turn over deposits made by tenants or\nlicensees and to notify tenants or licensees thereof in certain cases.\n1. Any person, firm or corporation and the employers, officers or agents\nthereof, whether the owner or lessee of the property leased, who or\nwhich has or hereafter shall have received from a tenant or licensee a\nsum of money or any other thing of value as a deposit or advance of\nrental as security for the full performance by such tenant or licensee\nof the terms of his lease or license agreement, or who or which has or\nshall have received the same from a former owner or lessee, shall, upon\nconveying such property or assigning his or its lease to another, or\nupon the judicial appointment and qualifying of a receiver in an action\nto foreclose a mortgage or other lien of record affecting the property\nleased, or upon the conveyance of such property to another person, firm\nor corporation by a referee in an action to foreclose a mortgage or\nother lien of record affecting the property leased if a receiver shall\nnot have been appointed and qualified in such action, at the time of the\ndelivery of the deed or instrument or assignment or within five days\nthereafter, or within five days after the receiver shall have qualified,\ndeal with the security deposit as follows:\n Turn over to his or its grantee or assignee, or to the receiver in the\nforeclosure action, or to the purchaser at the foreclosure sale if a\nreceiver shall not have been appointed and qualified the sum so\ndeposited, and notify the tenant or licensee by registered or certified\nmail of such turning over and the name and address of such grantee,\nassignee, purchaser or receiver.\n 2. Any owner or lessee turning over to his or its grantee, assignee,\nto a purchaser of the leased premises at a foreclosure sale, or to the\nreceiver in the foreclosure action the amount of such security deposit\nis hereby relieved of and from liability to the tenant or licensee for\nthe repayment thereof; and the transferee of such security deposit is\nhereby made responsible for the return thereof to the tenant or\nlicensee, unless he or it shall thereafter and before the expiration of\nthe term of the tenant's lease or licensee's agreement, transfer such\nsecurity deposit to another, pursuant to subdivision one hereof and give\nthe requisite notice in connection therewith as provided thereby. A\nreceiver shall hold the security subject to such disposition thereof as\nshall be provided in an order of the court to be made and entered in the\nforeclosure action. The provisions of this section shall not apply if\nthe agreement between the landlord and tenant or licensee is\ninconsistent herewith.\n 3. Any failure to comply with this section is a misdemeanor.\n