55-2013. DEPOSITS — SECURITY. (1) Any payment, deposit, fee or other charge which is required by the landlord in addition to periodic rent, utility charges or service fees, and is collected as prepaid rent or a sum to compensate for any resident default is a deposit governed by the provisions of this section.
(2) The landlord shall maintain a separate record of the deposits.
(3) Upon termination of the landlord’s interest in the community, the landlord shall either transfer to his successor in interest that portion of the deposit remaining after making any deductions allowed under this section or return such portion to the resident.
(4) The claim of the resident to any deposit to which he is entitled by law takes precedence over the claims of any other creditor of the landlord.
History:
[55-2013, added 1980, ch. 177, sec. 1, p. 378; am. 2011, ch. 184, sec. 18, p. 531.]