Q: How do security deposits get returned after switching PMs?

First, when an owner no longer wishes to do business with a property management company the security deposits being held by the management company must be returned to whom? The owner or the tenant?  Second, is there a law that states that when the security deposit is returned to the owner both the owners name and the tenants name must be on the check and the wording "and/or" cannot be used.

--Lawton, Oklahoma

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Section 115: Any damage or security deposit required by a landlord of a tenant must be kept in an escrow account for the tenant, which account shall be maintained in the State of Oklahoma with a federally-insured financial institution.

Author Bio
Writing about personal finance and investments since 1999, Jason Van Steenwyk started as a reporter with Mutual Funds Magazine and served as editor of Investors’ Digest. He now publishes feature articles in many publications including Annuity Selling Guide, Bankrate.com, and more.