[RPPTL LandTen] (no subject)

[Alberto M Cardet]

83.49(10) gives the foreclosing lender the option of requiring the landlord
to turn over tenant deposits and advance rent to the lender rather than
depositing in the court registry.  Although, I think it is a bad idea, my
opinion is leave the monies in the Court Registry to maintain the status quo
and protect the money, I can foresee the following scenarios:

1.  Tenants who move during the pendency of the foreclosure will not get
their security deposits back from the landlord in the time frame provided by
the LL/T Act, because the lender is holding the money.  Foreclosure firms
that are notorious for lack of communication will force tenants to sue the
landlord or intervene in foreclosure to get deposits back.

2. Conversely, if the landlord makes claim on the security deposit or the
tenant, as sometimes happens, decides to use his security deposit as rent,
is the lender going to return the money to the landlord or use it to offset
the debt owed to the lender. 

3. What if Lender goes under or is taken over by FDIC, where is the money
then and how are security deposit claims or returns made.

I think if the lender is going to hold security deposits there must be some
obligation built in regarding the lender's obligation to maintain the money
safe, like their lawyer's trust account that has unlimited FDIC protection,
and how the money can either be claimed by the tenant or landlord.

 

 

From: landten-bounces at lists.flabarrpptl.org
[mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Neil B. Shoter
Sent: Wednesday, March 02, 2011 11:34 PM
To: 'RPPTL Landlord Tenant Committee'
Cc: 'Law Offices of Scott A. Frank'
Subject: [RPPTL LandTen] (no subject)

 

Our Committee has been asked to provide comments with respect to the
attached proposed Bills.  Senate Bill 738 creates notice prerequisites prior
to termination of residential tenancies by a successor in interest by
foreclosure to harmonize with the Federal Protecting Tenants at Foreclosure
Act of 2009. 

 

 SB 784  modifies Section 83.49 relating to security deposits in event of
foreclosure and creating Section 83.683 dealing again with notification of
residential tenants prior to termination in foreclosure.  Note the sunset of
this law n 2013.

 

Please provide any specific comments on these bills by no later than end of
the day on Friday so that they may be passed onto our legislative committee.
You may give comments directly to our Co-Chair Scott Frank.

 

Thank you.

 

Neil

 

 


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Neil B. Shoter 
Partner / LEED Accredited Professional  

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