Security Deposit Definition
noun
Money held by a landlord to ensure that the tenant abides by the lease agreement and does no damage to the property above normal-use wear. It is a fund from which the landlord may draw to make repairs, if necessary, upon termination of the lease; any pledge of property or money of a debtor to acquire an obligation. See also obligation.
Webster's New World Law
An amount of money paid in advance as security against the payor's non-performance of a contractual obligation.
The landlord demanded one month's security deposit for rent, another for damage to the apartment, and one month's rent in advance.
Wiktionary
Synonyms:
Other Word Forms of Security Deposit
Noun
Singular:
security deposit
Plural:
security-deposits
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