Security deposit question

[rlm1965]

I own a business and have paid rent for the last 8.5 years. The original owner I rented the building from filed bankruptcy, the bank then sold the building to who I rent from currently. I am in the process of moving to a new location. The current building owners said they don't have my $3000 security deposit that I paid. I have a letter from their lawyer stating that my lease continued under their new ownership. Am I SOL on my security deposit?? Or am I entitled to all or a portion of it?

 

[army judge]

I own a business and have paid rent for the last 8.5 years. The original owner I rented the building from filed bankruptcy, the bank then sold the building to who I rent from currently. I am in the process of moving to a new location. The current building owners said they don't have my $3000 security deposit that I paid. I have a letter from their lawyer stating that my lease continued under their new ownership. Am I SOL on my security deposit?? Or am I entitled to all or a portion of it?

You are entitled to your $3,000 security deposit.
The current owner owes it to you.
He/she should have obtained it from the former owner.
The fact that they didn't, means nothing.
They can go after the former owner.
But, you don't have to wait for that to happen.
You can send them a demand letter asking for the return of your deposit.
Make sure you follow Iowa landlord-tenant law in this regard.
Also, make sure it is for commercial leases.

I strongly suggest you retain a lawyer to do this for you.
Your current landlord will likely refuse.
YYou might have to give the lawyer a $1,00 of your $3,00 to represent you.
But, if you don't, your landlord won't give you dime.
Then you'll probably have to sue him for your deposit.
The lawyer might have to do that anyway.

Bottom line, it isn't your responsibility to chase down the former owner to get your money.

Get busy, if you wanna get paid!