33-1005. Payments made in trust
Monies paid by or for an owner-occupant as defined in section 33-1002 to a contractor, as defined in section 32-1101, as payment for labor, professional services, materials, machinery, fixtures or tools for which a lien is not provided in this article shall be deemed for all purposes to be paid in trust and shall be held by the contractor for the benefit of the person or persons furnishing such labor, professional services, materials, machinery, fixtures or tools. Such monies shall neither be diverted nor used for any purpose other than to satisfy the claims of those for whom the trust is created and shall be paid when due to the person or persons entitled thereto. The provisions of this section shall not affect other remedies available at law or in equity.
Section: Previous 33-998 33-999 33-1000 33-1001 33-1002 33-1003 33-1004 33-1005 33-1006 33-1007 33-1008 33-1021 33-1021.01 33-1022 33-1022.01 NextLast modified: October 13, 2016