J.P. Morgan Chase Bank, N.A. Ex Rel. Bank One, N.A. v. Texas Contract Carpet, Inc.
302 S.W.3d 515 | Texas Court of Appeals, 3rd District (Austin) | 2009
Holding Summary
A bank lender is exempt from the Texas Construction Trust Fund Act and cannot be held liable for misapplication of trust funds or breach of fiduciary duty to subcontractors when it maintains sole control over construction funds.
The Act does not apply to a bank, savings and loan, or other lender.
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