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Difference between revisions of "Builders Liens"
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→What is the trust fund?
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==What is the trust fund?== | ==What is the trust fund?== | ||
The Act says that all money received by a contractor or subcontractor is a trust fund for the benefit of the people or companies hired for the project by the contractor or subcontractor. Contractors or subcontractors must pay for everything they owe for work and materials supplied for the project before they can use the money for anything else. If they don’t, they may be in breach of trust and their directors and officers may be personally liable. | The Act says that all money received by a contractor or subcontractor is a trust fund for the benefit of the people or companies hired for the project by the contractor or subcontractor. Contractors or subcontractors must pay for everything they owe for work and materials supplied for the project ' | ||
''before'' they can use the money for anything else. If they don’t, they may be in breach of trust and their directors and officers may be personally liable. | |||
==Summary== | ==Summary== | ||
