How long can an ex-property manager hold on to the tenants deposits?

[Christopher Gilbert]

I recently let go my property manager and took over the management duties on a couple of my houses.  I resigned the tenants and local law states that if tenants move out the landlord has to refund the deposit within 30 days.  Since the tenants are still in place the law does not really apply.

Has anyone been through a similar situation and how long is allowed before the ex-manager has to transfer the funds back to me to hold in escrow?