SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2018 SESSION
SB 272 Construction Trust Act; moneys paid under a contract by an owner to a contractor.
Introduced by: J. Chapman Petersen | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
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.
FULL TEXT
HISTORY
- 01/05/18 Senate: Prefiled and ordered printed; offered 01/10/18 18101657D
- 01/05/18 Senate: Referred to Committee for Courts of Justice
- 01/31/18 Senate: Continued to 2019 in Courts of Justice (15-Y 0-N)