Legal Question in Landlord & Tenant Law in Massachusetts
secutity deposit
By MA state law landlord must open a bank account for tenant's security deposit and give a copy to tenant. Are there any exceptions that landlord can handle the deposit by cash as they like?
2 Answers from Attorneys
Re: secutity deposit
A landlord can co-mingle deposits with other tenants deposits but must indicate they are doing same to the tenant and must keep separate records for each tenant. They still have to tell you the basic information as to where the funds are kept.
Failure to comply with the rule will automatically entitle the Tenant to interest of 5% on the deposited funds and could have greater penalties if the Landlord improperly used the funds.
Landlord is also required to disburse the interest on the account annually to the Tenant.
Re: secutity deposit
No. And a violation of this statute regarding security deposit may entitle you to recover treble damages and attorney's fees.
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