§ 9-201. Moneys held in trust by contractor or subcontractor
West's Annotated Code of MarylandReal Property
MD Code, Real Property, § 9-201
§ 9-201. Moneys held in trust by contractor or subcontractor
(a) For the purposes of this subtitle, “managing agent” means an employee of a contractor or subcontractor who is responsible for the direction over or control of money held in trust by the contractor or subcontractor under subsection (b) of this section.
(b)(1) Any money 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, or both, for or about a building by any subcontractor, shall be held in trust by the contractor or subcontractor, as trustee, for those subcontractors who did work or furnished materials, or both, for or about the building, for purposes of paying those subcontractors.
(2) An officer, director, or managing agent of a contractor or subcontractor who has direction over or control of money held in trust by a contractor or subcontractor under paragraph (1) of this subsection is a trustee for the purpose of paying the money to the subcontractors who are entitled to it.
(c)(1) Nothing contained in this subtitle shall be construed as requiring money held in trust by a contractor or subcontractor under subsection (b) of this section to be placed in a separate account.
Credits
Added by Acts 1987, c. 345, § 1, eff. July 1, 1987. Amended by Acts 1988, c. 6, § 1; Acts 1995, c. § 22, eff. March 7, 1995; Acts 1995, c. 436, § 1, eff. Oct. 1, 1995; Acts 2015, c. 22, § 5.
MD Code, Real Property, § 9-201, MD REAL PROP § 9-201
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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