162.001 – CONSTRUCTION PAYMENTS AND LOAN RECEIPTS AS TRUST
Texas Property Code § 162.001
Summary
This law designates construction payments and loan receipts as trust funds when made to contractors or subcontractors for property improvements in Texas. It ensures that these funds are protected and used appropriately for the intended construction projects.
Applies to payments made under construction contracts.
Funds must be used for specific real property improvements.
Protects contractors and subcontractors by designating funds as trust.
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In simple terms: Learn about Texas's CONSTRUCTION PAYMENTS AND LOAN RECEIPTS AS TRUST law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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