WebOct 12, 2024 · Fiduciary Relationship Between Contractors and Subcontractors Subcontractor payments are also governed by Texas Property Code 162, also known as the Texas Construction Trust Fund Act. This Act protects subcontractors and construction material suppliers for their work on construction projects. WebAug 15, 2024 · Under the Texas Construction Trust Fund Act (the “Act”, found in the Texas Property Code), generally speaking, payments made to a contractor or …
CEO- Private Lender - Capstone Capital Partners - LinkedIn
Webconstruction trust funds. Those who must protect the trust funds are called “trustees.” Any officer, director, or agent of a contractor, subcontractor, or owner who receives, or … WebFeb 22, 2024 · The general prohibition against waiving lien rights under Chapter 53 of the Texas Property Code has been written about extensively, and is well known through the … phenylpropanolamine cas
The Texas Two-Step: The Latest Attempts to Avoid Application of …
Webpayment derived from a trust fund under the Construction Trust Fund Act, the subcontractor may still be left without protection due to the bankruptcy court's authority to return the original payment to the general contractor for priority distribution to all creditors. The general contractor's lenders are WebThe Texas Construction Trust Fund Act imposes serious legal consequences for such conduct. Under the Texas Construction Trust Fund Act, payments made to a … WebMay 28, 2024 · First and foremost, the funds will be protected from third-party claims. Trust fund provisions basically allow parties to contractually bypass lenders and creditors and … phenylpropanolamine controlled substance