[RPPTL LandTen] Security deposits

Thu May 11 08:36:47 PDT 2017

Would possession act to perfect?  Depends.  If it is in a bank account of
the landlord, then per UCC 9-313, it is in a “deposit account” (UCC
9-102(29)).  Under 9-313 a deposit account is excluded from entitlement of
perfection by possession alone (see official comment 2 to 9-313).  But, if
the landlord is the bank’s customer and is the secured party under the
lease, then it is “control” (not possession) by which UCC 9-104(a)(3)
provides that “the secured party becomes the bank’s customer with respect
to the deposit account” and would under UCC 9-312 (see official comment 5)
have perfection by that control unless the deposit was in the nature of a
certificate of deposit or other “instrument”.  It is “control”, not
“filing” that perfects an interest in a “deposit account”.  If the security
deposit is not in a “deposit account", then it is my view that neither
possession nor control would give rise to perfection against third parties,
and the Landlord would have to perfect by a filing.  Hopefully for the
landlord, the security deposit is in a deposit account which he controls.

On Thu, May 11, 2017 at 11:02 AM, Lloyd Granet <lgranet at granetlaw.com>
wrote:

> It does not seem possible that as a result of a garnishment order that
> they someone could have greater rights than the tenant.  The tenant is not
> entitled to return of the deposit as landlord holds it for security of its
> obligations.
>
>
>
> Bob wouldn’t possession act to perfect?
>
>
>
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> *From:* landten-bounces at lists.flabarrpptl.org [mailto:
> landten-bounces at lists.flabarrpptl.org] *On Behalf Of *Bob Wunker
> *Sent:* Thursday, May 11, 2017 10:50 AM
> *To:* RPPTL Landlord Tenant Committee <landten at lists.flabarrpptl.org>
> *Subject:* Re: [RPPTL LandTen] Security deposits
>
>
>
> While the landlord ought have a security interest in the deposit during
> the term of the lease, the landlord probably did not obtain a perfected
> security interest by filing a UCC-1.
>
>
>
> Bob Wunker
>
>
>
> On Thu, May 11, 2017 at 10:35 AM, David Weisman <David.Weisman at gmlaw.com>
> wrote:
>
> It seems that during the term of the Lease, the Landlord has a security
> interest in the SD. After it is returnable, the creditor can get at it.
>
> David  Weisman
> Board Certified Real Estate Lawyer
> Greenspoon Marder, P.A.
> 200 E. Broward Blvd., Suite 1800
> Fort Lauderdale, FL 33301
> Phone 954-491-1120 Ext. 1015
> Direct Phone 954-343-6941
>
> David.Weisman at gmlaw.com
> www.GMlaw.com
>
>
>
> -----Original Message-----
> From: landten-bounces at lists.flabarrpptl.org [mailto:landten-bounces at lists.
> flabarrpptl.org] On Behalf Of Todd Allen
> Sent: Thursday, May 11, 2017 9:51 AM
> To: landten at lists.flabarrpptl.org
> Subject: [RPPTL LandTen] Security deposits
>
> Has anyone dealt with a garnishment served on the landlord?  The creditor
> is trying to grab the security deposit.  I’m not able to find anything
> saying it cannot be grabbed by the creditor, so I assume it’s free game.
>
> Does anyone have any conflicting insight?
>
> Thanks
>
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