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Am I liable for security deposit if landlord doesn't open escrow account?

Posted by Michael on April 29, 1999 at 12:20:47:

I just entered into a lease and have agreed with the landlord to pay the security deposit in three installments. I found out my landlord already spent my first installment and obviously did not set up a bank account to hold my security deposit in escrow. Am I liable to honor the next two installments? The lease did not state what the landlord could do with the security deposit, other than refunding it to me at the end of the lease. The landlord spent the first installment on something other than its intended use, and is in effect getting a free loan from me. Somone please advise.

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