security deposit

security deposit
security deposit n: money provided by a tenant to a landlord to secure performance of a rental agreement or compensate for possible loss or damage

Merriam-Webster’s Dictionary of Law. . 1996.

security deposit
Money or property given to a creditor by a debtor as a pledge of payment, usually returned to its owner if payment is completed satisfactorily; e.g., money given to a landlord by a tenant as a guarantee that the tenant will pay rent and observe other terms of the lease, to be forfeited if the tenant damages the property or otherwise breaks the bargain.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

security deposit
A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes. The laws of most states limit the size of a deposit, dictate its use, and set specific rules for when and how landlords must return the deposit.
Category: Real Estate & Rental Property → Renters' & Tenants' Rights

Nolo’s Plain-English Law Dictionary. . 2009.

security deposit
n. Money held by a landlord to ensure that the tenant abides by the lease agreement and does no damage to the property above normal-use wear. It is a fund from which the landlord may draw to make repairs, if necessary, upon termination of the lease; any pledge of property or money of a debtor to acquire an obligation.
See also obligation.

Webster's New World Law Dictionary. . 2000.

security deposit
Money aside from the payment of rent that a landlord requires a tenant to pay to be kept separately in a fund for use should the tenant cause damage to the premises or otherwise violate terms of the lease.

Dictionary from West's Encyclopedia of American Law. 2005.

security deposit
Money aside from the payment of rent that a landlord requires a tenant to pay to be kept separately in a fund for use should the tenant cause damage to the premises or otherwise violate terms of the lease.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

security deposit
   a payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal "wear and tear." The security deposit must be returned within a short time (varying by states) after the tenant vacates, less the cost of repairing any unusual damage. Unfortunately for tenants, these damages are usually subject to the judgment of the landlord, who may desire to paint and refinish on the tenant's money, which results in many small claims suits. In a few states the security deposit must be kept in a separate bank account, and some states require payment of interest on the amount held as a deposit. A security deposit is sometimes confused with a deposit of the "last month's rent," which may be credited to the tenant for the final month's rent. A security deposit cannot be used legally as a rent credit.
   See also: landlord and tenant, lease, rent

Law dictionary. . 2013.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • Security deposit — In the field of taxation, a deposit is not included as gross income to the receiving party until the depositing party chooses to apply the funds to purchase services. A 1990 ruling [ Commissioner v. Indianapolis Power Light Co. , 493 U.S. 203… …   Wikipedia

  • security deposit — See margin. The CENTER ONLINE Futures Glossary The amount required to be deposited with CME Clearing by the clearing member as security for its obligations to the CME Clearing. Chicago Mercantile Exchange Glossary * * * security deposit UK US… …   Financial and business terms

  • security deposit — noun An amount of money paid in advance as security against the payors non performance of a contractual obligation. The landlord demanded one month security deposit for rent, another for damage to the apartment, and one month rent in advance …   Wiktionary

  • security deposit — Money deposited by tenant with landlord as security for full and faithful performance by tenant of terms of lease, including damages to premises. It is refundable unless the tenant has caused damage or injury to the property or has breached the… …   Black's law dictionary

  • Security deposit maintenance — обслуживание депонирования ценных бумаг. См. также: Расчетные палаты Финансовый словарь Финам …   Финансовый словарь

  • Security Deposit — A monetary deposit given to a lender, seller or landlord as proof of intent. Security deposits can be either refundable or nonrefundable, depending on the terms of the transaction. As the name implies, the deposit is intended as a measure of… …   Investment dictionary

  • security deposit — noun the amount of collateral a customer deposits with a broker when borrowing from the broker to buy securities • Syn: ↑margin • Hypernyms: ↑down payment, ↑deposit * * * noun, pl ⋯ its [count] : an amount of money that you pay when you begin to… …   Useful english dictionary

  • security deposit — See security …   Ballentine's law dictionary

  • Security deposit (maintenance) — Related:Maintenance margin security market line (SML). A description of the risk return relationship for individual securities, expressed in a form similar to the capital market line. The New York Times Financial Glossary …   Financial and business terms

  • security deposit — se curity de.posit n an amount of money that you give to a ↑landlord before you rent a house or apartment, and that is returned to you after you leave if you have not damaged the property …   Dictionary of contemporary English

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”