Tex. Prop. Code § 53.101

Current through the 87th Legislature (2021) Second Special Session
Section 53.101 - [Effective1/1/2022]Funds Required To Be Reserved
(a) During the progress of work under an original contract for which a mechanic's lien may be claimed and for 30 days after the work under the contract is completed, the owner shall reserve :
(1) 10 percent of the contract price of the work to the owner; or
(2) 10 percent of the value of the work, measured by the proportion that the work done bears to the work to be done, using the contract price or, if there is no contract price, using the reasonable value of the completed work.
(b) In this section, "owner" includes the owner's agent, trustee, or receiver.

Tex. Prop. Code § 53.101

Amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. TBD,Sec. 18, eff. 1/1/2022.
Subchapter heading amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. TBD,Sec. 17, eff. 1/1/2022.
Amended by Acts 1989, 71st Leg., ch. 1138, Sec. 15, eff. Sept. 1, 1989.
Acts 1983, 68th Leg., p. 3545, ch. 576, Sec. 1, eff. Jan. 1, 1984.
This section is set out more than once. See also Tex. Prop. Code § 53.101, effective until 1/1/2022.