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    ojohnnywalker's Avatar
    ojohnnywalker Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 1, 2007, 02:50 PM
    security deposit
    I open the restaurant 2003, I gave him 3000.00 dollar for 1month security deposit to put in interest bearing account as agreed in the lease . Now I am selling my business.
    on original lease if I sell my business I have to give the landlord additional 2month security deposit. Which is OK but my landlord told me since it is new tenant, the deposit 3000 + 6000 = $9000.00 will not be in the interest bearing account.
    my question , is it against law in New York that security deposit have to be in the interest account
    also he have to honor the original lease agrement?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 1, 2007, 03:16 PM
    Since this is a commercial lease, the law may be different. What I don't understand is why YOU are paying an additional deposit. But the landlord can change the lease for a new tenant if they agree to it.
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