Texas Property Code Title 10, Chapter 162 - Construction Payments, Loan Receipts, And Misapplication Of Trust Funds

SUBCHAPTER A CONSTRUCTION PAYMENTS AND LOAN RECEIPTS

• Texas Section 162.001 - Construction Payments And Loan Receipts As Trust Funds
  (a) Construction payments are trust funds under this chapter if the payments are made to a contractor or subcontractor or to an officer, director, or...
• Texas Section 162.002 - Contractors As Trustees
  A contractor, subcontractor, or owner or an officer, director, or agent of a contractor, subcontractor, or owner, who receives trust funds or who has control...
• Texas Section 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...
• Texas Section 162.004 - Application
  (a) This chapter does not apply to: (1) a bank, savings and loan, or other lender; (2) a title company or other closing agent; or...
• Texas Section 162.005 - Definitions
  In this chapter: (1) A trustee acts with "intent to defraud" when the trustee: (A) retains, uses, disburses, or diverts trust funds with the intent...
• Texas Section 162.006 - Construction Account Required In Certain Circumstances
  (a) A contractor who enters into a written contract with a property owner to construct improvements to a residential homestead for an amount exceeding $5,000...

SUBCHAPTER B MISAPPLICATION OF TRUST FUNDS

• Texas Section 162.007 - Management Of Construction Accounts
  (a) A contractor required to maintain a construction account under this subchapter shall maintain an account record for the construction account that provides information relating...
• Texas Section 162.031 - Misapplication Of Trust Funds
  (a) A trustee who, intentionally or knowingly or with intent to defraud, directly or indirectly retains, uses, disburses, or otherwise diverts trust funds without first...
• Texas Section 162.032 - Penalties
  (a) A trustee who misapplies trust funds amounting to $500 or more in violation of this chapter commits a Class A misdemeanor. (b) A trustee...
• Texas Section 162.033 - Election Of Offenses
  If the misapplication of trust funds by a trustee constitutes another offense punishable under the laws of this state, the state may elect the offense...

Last modified: September 28, 2016