CONSTRUCTION ACCOUNT REQUIRED IN CERTAIN CIRCUMSTANCES
Applied in 1 court decision — leading case Swor v. Bartley Texas Builders Hardware Inc. (2009)
Most recently applied in Swor v. Bartley Texas Builders Hardware Inc. (October 2009)
Added by Acts 1997, 75th Leg., ch. 1018, Sec. 4, eff
(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.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.