Security deposit account types

[Josh McCullough]

Hey yall! I just closed in 2 multi family properties this month totaling 18 units. I need to open account to put security deposits in. Does this account have to be a "trust account" or can it be any non interest bearing escrow account that is separate from my business checking account?

Thanks for your help!

[Andrew B.]

This should be defined by your state laws. Some states say it just has to be in a separate account. Some say it must be an escrow account. Don't take advice from anyone who doesn't know Georgia laws (assuming properties are in Georgia)