Texas Property Code

§ 162.006 — CONSTRUCTION ACCOUNT REQUIRED IN CERTAIN CIRCUMSTANCES

PR § 162.006Title 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)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 shall deposit the trust funds in a construction account in a financial institution.

(b)The periodic statement received from the financial institution must refer to the account as a "construction account" to satisfy the requirements of this section.

Legislative history

Added by Acts 1997, 75th Leg., ch. 1018, Sec. 4, eff. Sept. 1, 1997.