Lease Security Deposits in New York

The law in New York regarding Security Deposits

Landlord beware!

Separate Security Deposit Bank Account

Under New York law, a Landlord cannot co-mingle rental security deposit funds with personal funds.   The security deposit on rental property must be kept in a separate bank account from the Landlords personal bank account.   If the rental property contains 6 or more family dwellings, the landlord is required to keep the deposit in a New York interest bearing bank account and give the interest to the Tenant when the Tenant vacates if he or she is entitled to the security deposit.


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