(4) [Editor's note: This version of the introductory portion of subsection (4) is
effective January 1, 2026.] Upon cessation of a landlord's interest in a dwelling unit,
whether by sale, assignment, death, appointment of a receiver, or otherwise, the
person in possession of the tenant's security deposit, including the landlord, the
landlord's agent, or the landlord's executor, shall, within sixty days:
(a) Transfer the funds, or any remainder after lawful deductions under
subsection (1) of this section, to the landlord's successor in interest and notify the
tenant by mail of such transfer and of the transferee's name and address; or
(b) Return the funds, or any remainder after lawful deductions under
subsection (1) of this section, to the tenant.
(5) Upon compliance with subsection (4) of this section, the person in
possession of the security deposit shall be relieved of further liability.
(6) Upon receipt of transferred funds under subsection (4)(a) of this section,
the transferee, in relation to such funds, shall be deemed to have all of the rights
and obligations of a landlord holding the funds as a security deposit.
(7) [Editor's note: This version of subsection (7) is effective until January 1,
2026.] Any provision, whether oral or written, in or pertaining to a rental agreement
whereby any provision of this section for the benefit of a tenant or members of his
household is waived shall be deemed to be against public policy and shall be void.
(7) [Editor's note: This version of subsection (7) is effective January 1, 2026.]