- security deposit
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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. Merriam-Webster. 1996.
- security deposit
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n.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. Amy Hackney Blackwell. 2008.
- security deposit
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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. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- security deposit
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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. Susan Ellis Wild. 2000.
- security deposit
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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
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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
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n.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.
Law dictionary. EdwART. 2013.
