SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2018 SESSION

  • | print version

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