|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 LAWS OK MARYLAND
|
|
|
|
|
Ch. 566
|
|
|
|
|
|
|
|
|
|
Article - Real Property
8-203.
(d) (1) (i) The landlord shall maintain all security deposits in federally
insured financial institutions, as defined in § 1-101 of the Financial Institutions
Article, which do business in the State.
(ii) Security deposit accounts shall be maintained in branches of
the financial institutions which are located within the State and the accounts shall be
devoted exclusively to security deposits and bear interest.
(iii) A security deposit shall be deposited in an account within 30
days after the landlord receives it.
(iv) The aggregate amount of the accounts shall be sufficient in
amount to equal all security deposits for which the landlord is liable.
(2) (i) In lieu of the accounts described in paragraph (1) of this
subsection, the landlord may hold the security deposits in insured certificates of
deposit at branches of federally insured financial institutions, as defined in § 1-101 of
the Financial Institutions Article, located in the State or in securities issued by the
federal government or the State of Maryland.
(ii) In the aggregate certificates of deposit or securities shall be
sufficient in amount to equal all security deposits for which the landlord is liable.
(3) (I) In the event of sale or transfer of the landlord's interest in the
leased premises, including receivership or bankruptcy, the landlord or the landlord's
estate, but not the managing agent or court appointed receiver, shall remain liable to
the tenant and the transferee for maintenance of the security deposit as required by
law, and the withholding and return of the security deposit plus interest as required
by law, as to all or any portion of the security deposit that the landlord fails to deliver
to the transferee together with an accounting showing the amount and date of the
original deposit, the records of the interest rates applicable to the security deposit, if
any, and the name and last known address of the tenant from whom, or on whose
behalf, the deposit was received.
(II) A SECURITY DEPOSIT THAT IS MAINTAINED IN A FINANCIAL
INSTITUTION AS PROVIDED UNDER THIS SECTION MAY NOT BE ATTACHED BY
CREDITORS OF THE LANDLORD OR OF THE TENANT.
(4) Any successor in interest is liable to the tenant for failure to return
the security deposit, together with interest, as provided in this section.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2005.
Approved May 26, 2005.
|
|
|
|
|
|
|
|
|
|
- 3228 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
