Sec. 162.003. BENEFICIARIES OF TRUST FUNDS. (a) An artisan, laborer, mechanic, contractor, subcontractor, or materialman who labors or who furnishes labor or material for the construction or repair of an improvement on specific real property in this state is a beneficiary of any trust funds paid or received in connection with the improvement.
(b) A property owner is a beneficiary of trust funds described by Section 162.001 in connection with a residential construction contract, including funds deposited into a construction account described by Section 162.006.
Acts 1983, 68th Leg., p. 3721, ch. 576, Sec. 1, eff. Jan. 1, 1984. Amended by Acts 1997, 75th Leg., ch. 1018, Sec. 2, eff. Sept. 1, 1997.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1277 (H.B. 1513), Sec. 3, eff. September 1, 2009.
Structure Texas Statutes
Title 10 - Miscellaneous Beneficial Property Interests
Chapter 162 - Construction Payments, Loan Receipts, and Misapplication of Trust Funds
Subchapter A. Construction Payments and Loan Receipts
Section 162.001. Construction Payments and Loan Receipts as Trust Funds
Section 162.002. Contractors as Trustees
Section 162.003. Beneficiaries of Trust Funds
Section 162.006. Construction Account Required in Certain Circumstances