ST Alpha - "Landlord puts security deposit in Bitcoin. Guess what happens next! -- (link)" (Reading a Post)

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Posts: 161

Landlord puts security deposit in Bitcoin. Guess what happens next! -- (link)

Posted by Reagen Jun 3 '22, 09:44

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https://mobile.twitter.com/acony_belle/status/1532541676757037056?cxt=HHwWgMCt6aCi18QqAAAA (mobile.twitter.com)

Responses:

A security deposit isn't an investment. You give $3000, you get back $3000. Period. - Mop Jun 3, 09:58 12
- Agreeance. He doesn't need a lawyer. Small claims can handle it. It should take about an hour. :) - Swilcan Baron Jun 3, 10:20
- Some of the replies suggest that that state also has some laws re: interest on deposits -- nm - Beryllium Jun 3, 10:00 1
  - Most, actually. - Spawn Jun 3, 10:17
- Actually, depending on local law, he probably needs to give back any interest it earned as well (if any). -- nm - pmb Jun 3, 10:00 7
  - Does the landlord have an obligation to invest the money prudently? -- nm - Mop Jun 3, 10:01 6
    - Massachusetts law requires it be held in an interest-bearing account at a bank, and that the interest is paid to the tenant on an annual basis. -- nm - znufrii Jun 3, 10:07 2
      - In PA it must be held in escrow and if there is interest that interest must be paid to the tenant if they've lived there for more than 2 years -- nm* - decline Jun 3, 10:11
      - I take it that hasn't happened in this case. -- nm - Mop Jun 3, 10:09
    - Prudently is moot. The tenant gets back the deposit plus the minimum value of interest. If the landlord doesn't have that, too bad for them. -- nm - Reagen Jun 3, 10:04
    - ... investing a deposit is a risk that the landlord accepts as part of their cost of doing business. Maybe they get a big benefit, maybe they eat dirt - Beryllium Jun 3, 10:03 1
      - The landlord gets no benefit. Period. They're holding the money in trust, it's not a loan for the length of the tenancy. -- nm - Reagen Jun 3, 10:06
- this math is mathing -- nm - St. Epiphany Jun 3, 09:59
Everyone lived happily ever after? -- nm - spamlet Jun 3, 09:57
Unless that was in the lease agreement and the renter agreed to it hoping for a big pay back, that landlord is SOL. - sycor Jun 3, 09:51
wow. I can't believe the landlord thought that would work "i lost your money. here is what i have left." -- nm - Andie Jun 3, 09:47 1
- He totally would have given up the profit too! -- nm - Reagen Jun 3, 09:51

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