South Dakota § 44-9-13 Misappropriation of funds by contractor, subcontractor, or supplier--Theft.

South Dakota Statutes

§ 44-9-13 — Misappropriation of funds by contractor, subcontractor, or supplier--Theft.

South Dakota·Title 44 LIENS·Ch. 44-9 MECHANICS' AND MATERIALMEN'S LIENS

Any contractor, subcontractor, or supplier on any improvement of real estate, mines, or public utilities within the purview of this chapter who knowingly uses more than five hundred dollars of the proceeds of any payment made to him on account of such improvement by the owner of such real estate or person having the improvement made, for any other purpose than the payment for labor, skill, materials, and machinery contributed to such improvement while any account for such labor, skill, material, or machinery furnished for such improvement up to the time of such payment remains unpaid and due and owing under the credit terms arranged, is guilty of theft of the proceeds of such payment. It is not a violation of this section to withhold funds from a contractor, subcontractor, or supplier pend

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Any contractor, subcontractor, or supplier on any improvement of real estate, mines, or public utilities within the purview of this chapter who knowingly uses more than five hundred dollars of the proceeds of any payment made to him on account of such improvement by the owner of such real estate or person having the improvement made, for any other purpose than the payment for labor, skill, materials, and machinery contributed to such improvement while any account for such labor, skill, material, or machinery furnished for such improvement up to the time of such payment remains unpaid and due and owing under the credit terms arranged, is guilty of theft of the proceeds of such payment. It is not a violation of this section to withhold funds from a contractor, subcontractor, or supplier pending the completion and final approval of his work or product.

South Dakota § 44-9-13 (Misappropriation of funds by contractor, subcontractor, or supplier--Theft.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.