Section 34-27.2-1. – Short title.

§ 34-27.2-1. Short title. This chapter shall be known and may be cited as “The Rhode Island Construction Trust Act.” History of Section.P.L. 2007, ch. 150, § 1; P.L. 2007, ch. 288, § 1.

Section 34-27.2-2. – Legislative findings.

§ 34-27.2-2. Legislative findings. The general assembly finds and declares that the uniqueness of the construction industry requires a special system to ensure that payment is received by those businesses, contractors and owners who expend materials and/or labor prior to the completion of a construction project, but then must wait to be made financially compensated […]

Section 34-27.2-3. – Definitions.

§ 34-27.2-3. Definitions. The following definitions apply in the interpretations of the provisions of this chapter, unless the context requires another meaning: (1) “Express Trust” means funds that have been paid by an owner, for or in connection with materials used in an improvement of real property, which are to be held by a contractor […]

Section 34-27.2-4. – Funds held in trust.

§ 34-27.2-4. Funds held in trust. (a) Any moneys paid under a contract by an owner to a contractor, or by the owner or contractor to a subcontractor, for work done for or about a building by any subcontractor shall be held in express trust by the contractor or subcontractor, as trustee, for those subcontractors […]