(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.
Cite this article: FindLaw.com - Texas Property Code - PROP § 162.006. Construction Account Required in Certain Circumstances - last updated April 14, 2021 | https://codes.findlaw.com/tx/property-code/prop-sect-162-006.html
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