Bill Text: TX SB586 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the beneficiaries of trust funds paid or received in connection with an improvement on specific real property.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2023-02-17 - Referred to Business & Commerce [SB586 Detail]
Download: Texas-2023-SB586-Introduced.html
| 88R4356 SHH-F | ||
| By: Hughes | S.B. No. 586 | |
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| relating to the beneficiaries of trust funds paid or received in | ||
| connection with an improvement on specific real property. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 162.003(a), Property Code, is amended to | ||
| read as follows: | ||
| (a) A person who is an [ |
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| contractor, subcontractor, or materialman who labors or who | ||
| furnishes labor or material for the construction or repair of an | ||
| improvement on specific real property in this state, or the | ||
| assignee of that person, is a beneficiary of any trust funds paid or | ||
| received in connection with the improvement. | ||
| SECTION 2. This Act takes effect September 1, 2023. | ||
