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.

Spectrum: Partisan Bill (Republican 1-0)

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
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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 [An] artisan, laborer, mechanic,
  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.
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