Texas Property Code - Section 28.008. Exception For Failure Of Lender To Disburse Funds
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§ 28.008. EXCEPTION FOR FAILURE OF LENDER TO DISBURSE
FUNDS. The date of payment required of the owner pursuant to
Section 28.002(a) shall change from the 35th day after the date the
owner receives the payment request to the fifth day after the date
the owner receives loan proceeds, in the event that:
(1) the owner has obtained a loan intended to pay for
all or part of a contract to improve real property;
(2) the owner has timely and properly requested
disbursement of proceeds from that loan; and
(3) the lender is legally obligated to disburse such
proceeds to the owner, but has failed to do so within 35 days after
the date the owner received the contractor's payment request.
Added by Acts 1993, 73rd Leg., ch. 479, § 1, eff. Sept. 1, 1993.
Amended by Acts 1999, 76th Leg., ch. 805, § 3, eff. Sept. 1,
1999.
Section: 28.001 28.002 28.003 28.004 28.005 28.006 28.007 28.008 28.009 28.010 29.001 29.002 29.003 29.0035 29.004
Last modified: August 11, 2007
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