Posted by TenantNet on November 16, 1996 at 12:15:27:
In Reply to: Building Destroyed by Fire and Return of Sec. Deposit posted by Andrew B. on November 15, 1996 at 14:29:29:
: My building was recently destroyed by a fire. Under these circumstances is there any legal provisions in New York City that provide for an accelerated refund of the Security Deposit?
: Thx for your help.
I'm not familiar with any provision that will accellerate the return
of security deposits in this case. Owners are required (in most cases)
to keep the deposits in interest-beraing trust accounts and not
commingled with funds used to operate the building. Since the building
was destroyed, he can't claim you damaged anything to withhold
all or part of the security deposit. Also, if it was only partially
destroyed and if he will make repairs, you might want to see about
holding onto your leasehold rights by paying a minimum amount per
month, in some cases just $1 to give you the right to move back in
after rapairs are made. This type of situation will depend on the
facts of your situation and other things -- a lawyer's advice would be
good to see if you have that kind of right.
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