Exchanger Contractors Inc. v. Comerica Bank-Texas

KING, Chief Judge:

Exchanger Contractors Inc., a subcontractor, was not paid by its contractor, Waterpoint International LLC, for labor performed by the subcontractor. In response, Exchanger Contractors sought a declaration regarding its rights (pursuant to trust fund provisions of the Texas Property Code) to a portion of the receivable owing to the contractor by the property owner. The contractor’s lender, who holds a security interest in the contractor’s receivable from the owner, countered. Because the trust fund provisions under which Exchanger Contractors claims relief explicitly exempt…