Legal Question in Landlord & Tenant Law in New Jersey

Interest on Security Deposit

I have a question about earned

interest on security deposits. I was

just sued in small claims court in

New Jersey for not paying interest

on a tenant security deposit after

the tenant moved out and I had

paid back the security deposit. The

judge awarded 7% for each

year, and then doubled it. I am

confused as to why the judge ruled

in the tenants favour. (1) I never

received a written request, not

when the tenant was in the

property, nor after the tenant

vacated, and (2) I was not

given 30 days to respond to a

written request with standard

interest.

Should I appeal this? It doesn't

seem like the judge applied

the ruling correctly per the law

(Security Deposit Law

N.J.S.A. 46:8-19 THROUGH 26)

Thanks,

-Matthew


Asked on 5/29/09, 4:35 pm

1 Answer from Attorneys
Gary Moore Gary Moore Attorney At Law

Re: Interest on Security Deposit

I think that a motion for the judge to reconsider his ruling is more practical and requires much less

in legal fees that an appeal which requires the payment of a $200 filing fee and the payment of a deposit for a transcript of the proceedings which will probably be $500.00.

Of course, a motion for reconsideration must be filed immediately after the ruling, within twenty days. I hope that the judge's ruling occurred only a few days ago.

Call me if you like.

Gary Moore,Esquire

Hackensack, New Jersey

www.garymooreattorneyatlaw.com

Read more
Answered on 5/29/09, 4:43 pm


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