*965OPINION OF THE COURT
Diane A. Lebedeff, J.
Plaintiffs seek to recover their security deposit for a residential rental unit. This matter poses the unexpectedly novel issue regarding jointly owned real property of the extent to which each co-owner has individual responsibility and accountability for the proper treatment and potential return of a leasehold security deposit.
In May of 2003, defendant landlords John and Janina Pearse, husband and wife, rented the second and third floors of a residential building located at 15 East 77th Street, Manhattan, to the plaintiff tenants, the McMasters. Plaintiffs provided a security deposit of $21,000, which was deposited in a high yield savings account in the name of defendant John Pearse only. In July of 2004, shortly after the tenants vacated, the account was liquidated and there was a refusal to return the security deposit to plaintiffs. Plaintiffs sue to recover the security deposit upon theories of conversion and breach of contract and seek summary judgment on those claims (CPLR 3212).
Defendant John Pearse passed away on June 21, 2005, and his entire interest in the property passed to his wife, codefendant Janina Pearse. The claims against John Pearse are held in abeyance and not reached herein, for it is well settled that the death of a party stays the action as to the decedent and—pending the substitution of a legal representative—any determination would be a nullity (see CPLR 1015). Accordingly, the court’s consideration is limited to the claims against defendant Janina Pearse.
Security Deposit Statutory Obligation
A landlord’s obligation in relation to a security deposit is clearly spelled out in General Obligations Law § 7-103 (1), which provides that security deposits tendered in relation to an