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Texas Property Code - PROP § 162.0031. Beneficiary's Assignment of Interest in Unpaid Trust Funds

Current as of January 01, 2024 | Updated by Findlaw Staff

An assignment by a beneficiary of the beneficiary's interest in unpaid trust funds under this chapter may not be enforced unless:

(1) the assignment is:

(A) made in writing not earlier than the date the assignee has paid the beneficiary in good and sufficient funds for the assignment;  and

(B) not made as part of the beneficiary's construction contract;

(2) the assignee is a beneficiary, trustee, or property owner under the contract for the construction or repair of an improvement on real property in connection with which the payment of trust funds is made;  and

(3) written notice of the assignment is provided to the property owner and the contractor on the project not later than the seventh day after the date the assignment is made.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 162.0031. Beneficiary's Assignment of Interest in Unpaid Trust Funds - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-162-0031/

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