sec.11ATrustee and beneficiaries of project trust

### sec.11A Trustee and beneficiaries of project trust The contracted party for a project trust contract is both the trustee and a beneficiary of the project trust for the contract. The contracted party— becomes the trustee and a beneficiary of the project trust when the trust is established; and ceases to be the trustee and a beneficiary of the project trust when the trust is lawfully dissolved. A subcontractor for a project trust subcontract for a project trust contract is a beneficiary of the project trust for the contract. The subcontractor— becomes a beneficiary of the project trust when— a project trust subcontract is entered into with the subcontractor; or a subcontract for which the subcontractor is the contracted party becomes a project trust subcontract; and ceases to be a beneficiary of the project trust when— the subcontractor is paid all amounts the subcontractor is entitled to be paid in connection with all project trust subcontracts for which the subcontractor is the contracted party; and the trust is lawfully dissolved. s 11A ins 2020 No. 24 s 63 sub 2024 No. 14 s 23 (sec.11A-ssec.1) The contracted party for a project trust contract is both the trustee and a beneficiary of the project trust for the contract. (sec.11A-ssec.2) The contracted party— becomes the trustee and a beneficiary of the project trust when the trust is established; and ceases to be the trustee and a beneficiary of the project trust when the trust is lawfully dissolved. (sec.11A-ssec.3) A subcontractor for a project trust subcontract for a project trust contract is a beneficiary of the project trust for the contract. (sec.11A-ssec.4) The subcontractor— becomes a beneficiary of the project trust when— a project trust subcontract is entered into with the subcontractor; or a subcontract for which the subcontractor is the contracted party becomes a project trust subcontract; and ceases to be a beneficiary of the project trust when— the subcontractor is paid all amounts the subcontractor is entitled to be paid in connection with all project trust subcontracts for which the subcontractor is the contracted party; and the trust is lawfully dissolved. - (a) becomes the trustee and a beneficiary of the project trust when the trust is established; and - (b) ceases to be the trustee and a beneficiary of the project trust when the trust is lawfully dissolved. - (a) becomes a beneficiary of the project trust when— (i) a project trust subcontract is entered into with the subcontractor; or (ii) a subcontract for which the subcontractor is the contracted party becomes a project trust subcontract; and - (i) a project trust subcontract is entered into with the subcontractor; or - (ii) a subcontract for which the subcontractor is the contracted party becomes a project trust subcontract; and - (b) ceases to be a beneficiary of the project trust when— (i) the subcontractor is paid all amounts the subcontractor is entitled to be paid in connection with all project trust subcontracts for which the subcontractor is the contracted party; and (ii) the trust is lawfully dissolved. - (i) the subcontractor is paid all amounts the subcontractor is entitled to be paid in connection with all project trust subcontracts for which the subcontractor is the contracted party; and - (ii) the trust is lawfully dissolved. - (i) a project trust subcontract is entered into with the subcontractor; or - (ii) a subcontract for which the subcontractor is the contracted party becomes a project trust subcontract; and - (i) the subcontractor is paid all amounts the subcontractor is entitled to be paid in connection with all project trust subcontracts for which the subcontractor is the contracted party; and - (ii) the trust is lawfully dissolved.