VA SB272 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 5 2018 - 25% progression
Action: 2018-11-30 - Left in Courts of Justice
Pending: Senate Courts of Justice Committee
Text: Latest bill text (Prefiled) [HTML]

Summary

Construction Trust Act. Provides that any moneys paid under a contract by an owner to a contractor, or by the owner or contractor to a subcontractor for work done or materials furnished for or about a building by any subcontractor, shall be strictly accounted for and held in trust by the contractor or subcontractor, as trustee, for those subcontractors who did work or furnished materials, for purposes of paying those subcontractors. Under the bill, any officer, director, or managing agent of any contractor or subcontractor who knowingly retains or uses such moneys held in trust for any purpose other than to pay the subcontractors for whom the moneys are held in trust shall be personally liable to any person damaged by the action and for reasonable attorney fees incurred.

Tracking Information

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Title

Construction Trust Act; moneys paid under a contract by an owner to a contractor.

Sponsors


Roll Calls

2018-01-31 - Senate - Senate: Continued to 2019 in Courts of Justice (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2018-11-30SenateLeft in Courts of Justice
2018-01-31SenateContinued to 2019 in Courts of Justice (15-Y 0-N)
2018-01-05SenateReferred to Committee for Courts of Justice
2018-01-05SenatePrefiled and ordered printed; offered 01/10/18 18101657D

Virginia State Sources


Bill Comments

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