The memorandum from the Attorney General to the Governor in the Bill Jacket (L 1974, ch 209) in support of the amendment to General Obligations Law § 7-105, which closely resembles the current section, states, "This bill will not only do away with the 'vanishing landlord' who upon selling the property, retains the rent security deposits and drops out of sight, requiring a long tedious search to obtain his whereabouts and force him to disgorge, but will also continue the long recognized relationship of landlord and tenant under which the tenant has placed his rent security deposit with his present landlord, to insure the faithful performance of all the provisions of his lease and tenancy, with his right to receive the return thereof upon termination of occupancy." In the same Bill Jacket, another memorandum to the Governor from the Committee on Housing and Urban Development of the Community Service Society of New York in support of the statute states, "The current provisions, by permitting a former landlord to retain the security deposit, deprive both the tenant and a new owner or lessee of the protection that this section is intended to ensure: the tenant has no assurance that his deposit will be repaid, and the new landlord has no access to the monies in case the tenant defaults. The proposed amendment is therefore needed to make the law fulfill its purpose."