Building Contract Fund Flashcards
BUILDING CONTRACT FUND act
an act to protect people of the state from fraud in the building construction industry.
In the building construction industry, the building contract fund paid by any person to a contractor, or by such person or contractor to a subcontractor, shall be considered by this act to be a…
Trust fund. Contractors, laborers,
subcontractors or material men, and the contractor or subcontractor shall
be considered the trustee of all funds so paid to him for building construction purposes.
Any contractor or subcontractor engaged in the building construction business, who, with intent to defraud, retains proceeds paid to him without first paying wages shall be punished by…
Not less than 100 dollars, or more than 5,000 dollars.
Not less than 6 months, not more than 3 years imprisonment.,
The appropriation by a contractor of any moneys paid to him for building operations before paying wages shall be…
Evidence of intent to defraud.
