In our view, there is no obligation on the landlord under subdivision 2 of section 7-103 of the General Obligations Law to apply accrued interest on the tenant's security deposit toward an increase in the security deposit when new leases are entered into at higher rents. The landlord in the present case has complied with the obligations of the statute by annually paying the interest (less appropriate administrative expenses) to the tenant. The landlord does not press its...
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