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Texas Property Code - PROP § 53.101. Funds Required to Be Reserved

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

(a) During the progress of work under an original contract for which a mechanic's lien may be claimed and for 30 days after the work under the contract is completed, the owner shall reserve :

(1) 10 percent of the contract price of the work to the owner; or

(2) 10 percent of the value of the work, measured by the proportion that the work done bears to the work to be done, using the contract price or, if there is no contract price, using the reasonable value of the completed work.

(b) In this section, “owner” includes the owner's agent, trustee, or receiver.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 53.101. Funds Required to Be Reserved - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-53-101/

Read this complete Texas Property Code - PROP § 53.101. Funds Required to Be Reserved on Westlaw. Westlaw subscription required.

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