33-1005. Payments made in trust
Monies paid by or for an owner-occupant as defined in section 33-1002 to a
contractor, as defined in section 32-1101, as payment for labor, professional services,
materials, machinery, fixtures or tools for which a lien is not provided in this article
shall be deemed for all purposes to be paid in trust and shall be held by the contractor
for the benefit of the person or persons furnishing such labor, professional services,
materials, machinery, fixtures or tools. Such monies shall neither be diverted nor used
for any purpose other than to satisfy the claims of those for whom the trust is created
and shall be paid when due to the person or persons entitled thereto. The provisions of
this section shall not affect other remedies available at law or in equity.
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