Mich. Comp. Laws § 570.151

Current through Public Acts 1-76 and 78-91 of the 2021 Session
Section 570.151 - Building contract fund; status as a trust fund

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, for the benefit of the person making the payment, contractors, laborers, subcontractors or materialmen, and the contractor or subcontractor shall be considered the trustee of all funds so paid to him for building construction purposes.

MCL 570.151

1931, Act 259, Eff. Sept. 18, 1931 ;--CL 1948, 570.151 ;--Am. 1966, Act 104, Eff. Oct. 1, 1966 .