Statutes > Tennessee Statutes > Title 66 - Property > Chapter 34 - Prompt Pay Act > Part 3 - Contractor/Subcontractor, Materialman or Furnisher Payment > 66-34-304 - Payments to be held in trust by contractor.

66-34-304 - Payments to be held in trust by contractor.

66-34-304. Payments to be held in trust by contractor.

Any sums received by the contractor as payment for work, services, equipment and materials supplied by the subcontractor, materialman or furnisher for improvements to real property shall be held by the contractor in trust for the benefit and use of such subcontractor, materialman or furnisher and shall be subject to all legal and equitable remedies.

[Acts 1991, ch. 45, § 1.]