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Securing the Security Deposit
Most leases provide that the tenant is required to give the landlord a security deposit. But the recent Appellate Division decision, in 23 East 39th Street Mgt. Corp. v 23 E. 39th St. Dev., LLC, shows that some owners are not aware of their legal obligations when holding a security deposit. By not following the law, an owner can be required to return the security deposit to the tenant before the lease expires. In case the tenant does not pay the rent or damages the premises, owners want a security deposit as protection.