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mkc1959, Lawyer
Category: Real Estate Law
Satisfied Customers: 616
Experience:  Practicing attorney with 26 years of experience.
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In County, Maryland, a Rental company used my Security

Customer Question

In Cecil County, Maryland, a Rental company used my Security Deposit to play the stock
market, now that my lease is up, they are returning most of my deposit, with some of
gone. Is this legal?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  mkc1959 replied 1 year ago.
No it was not legal. The security deposit should have been kept in an account -- it should not have been used for any purpose and certainly should not have been placed under any risk of loss in the stock market.
If you fully performed under the lease and the rented property was not damaged by you, you are entitled to the full refund of the security deposit in the typical case.
Under the Maryland Real Property Code Section 8.203:
The landlord shall maintain all security deposits in federally insured financial institutions, as defined in § 1-101 of the Financial Institutions Article, which do business in the State..
Please let me know if you have additional questions. I want to fully respond so that I may be paid.

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