Texas Property Code

§ 162.004 — APPLICATION

PR § 162.004Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part B. FIDUCIARIES · Ch. 162. CONSTRUCTION PAYMENTS, LOAN RECEIPTS, AND MISAPPLICATION OF TRUST FUNDS · Art. A. CONSTRUCTION PAYMENTS AND LOAN RECEIPTS

Statute text

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(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

(3)a corporate surety who issues a payment bond covering the contract for the construction or repair of the improvement.

(b)The Texas Trust Act (Chapters 111 through 115) does not apply to any trust created under this chapter, nor does this chapter affect any provision of the Texas Trust Act.

(c)Regardless of whether a construction contract is covered by a statutory or common law payment bond, this chapter applies to a public or private construction contract for the improvement of specific real property in this state. Acts 1983, 68th Leg., p. 3721, ch. 576, Sec. 1, eff. Jan. 1, 1984. Amended by Acts 1987, 70th Leg., ch. 578, Sec. 2, eff. Aug. 31, 1987. Amended by:

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 1277 (H.B. 1513), Sec. 4, eff. September 1, 2009.