§ 10-301.1. Money received by vendor or builder.

Latest version.

(a) Money to be held in trust. -- Any sum of money received by a vendor or builder in connection with the sale and purchase of a new single-family residential unit shall be held in trust for the benefit of the purchaser.

(b) Payments for labor or material shall be consistent with trust. -- Any payments made for labor or material in connection with the construction of the residential unit shall be consistent with the trust obligation required under subsection (a) of this section.

HISTORY: 2011, chs. 450, 451.

                    
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