2020 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 (2020)
§ 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.