Texas Property Code

§ 53.101 — FUNDS REQUIRED TO BE RESERVED

PR § 53.101Title 5. EXEMPT PROPERTY AND LIENS · Part B. LIENS · Ch. 53. MECHANIC'S, CONTRACTOR'S, OR MATERIALMAN'S LIEN · Art. E. FUNDS RESERVED FOR BENEFIT OF LIEN CLAIMANTS

Statute text

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(a)During the progress of work under an original contract for which a mechanic's lien may be claimed and for 30 days after the work under the contract is completed, the owner shall reserve:

(1)10 percent of the contract price of the work to the owner; or

(2)10 percent of the value of the work, measured by the proportion that the work done bears to the work to be done, using the contract price or, if there is no contract price, using the reasonable value of the completed work.

(b)In this section, "owner" includes the owner's agent, trustee, or receiver. Acts 1983, 68th Leg., p. 3545, ch. 576, Sec. 1, eff. Jan. 1, 1984. Amended by Acts 1989, 71st Leg., ch. 1138, Sec. 15, eff. Sept. 1, 1989. Amended by:

Legislative history

Acts 2021, 87th Leg., R.S., Ch. 690 (H.B. 2237), Sec. 18, eff. January 1, 2022.