There is a newer version
of
the New York Laws
2019 New York Laws
GOB - General Obligations
Article 7 - Obligations Relating to Property Received as Security
Title 1 - Money Deposited as Security to Be Held in Trust in Certain Cases
7-107 - Liability of a Grantee or Assignee for Deposits Made by Tenants Upon Conveyance of Rent Stabilized Dwelling Units.
Universal Citation: NY Gen Oblig L § 7-107 (2019)
§ 7-107. Liability of a grantee or assignee for deposits made by tenants upon conveyance of rent stabilized dwelling units. 1. This section shall apply only to dwelling units subject to the New York city rent stabilization law of nineteen hundred sixty-nine or the emergency tenant protection act of nineteen seventy-four. 2. (a) Any grantee or assignee of any dwelling unit referred to in subdivision one of this section shall be liable to a tenant for any sum of money or any other thing of value deposited as security for the full performance by such tenant of the terms of his lease, plus any accrued interest, if his or its predecessor in interest was liable for such funds. Such liability shall attach whether or not the successor in interest has, upon the conveyance of such dwelling unit, received the sum as deposited.(b) The liability of a receiver for payment of any security deposit plus accrued interest pursuant to this subdivision shall be limited to the amount of such deposit actually turned over to him or it pursuant to subdivision one of section 7-105 of this chapter and to the operating income in excess of expenses generated during his or its period of receivership. 3. Any agreement by a lessee or tenant of a dwelling unit waiving or modifying his rights as set forth in this section shall be void.
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
