Legal Question in Landlord & Tenant Law in Massachusetts
security deposit
I have held my tenants security deposit in a non interest bearing account for the last two years. I recently learned that it should have been in an ''interest bearing account''. Do I owe them the standard interst rate paid by my bank (1.29 %) or do I owe them 5% as suggested by the statute. The Massachusetts statute does not make this clear.
Asked on 3/23/07, 12:19 pm
1 Answer from Attorneys
Re: security deposit
If you had kept it in an interesting baring account and notified them and paid the interest to them annually, you would be responsible for the interest earned only. If you failed to comply with the statute you owe them the 5%.
Answered on 3/23/07, 1:45 pm
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