(1) The trust funds created under Section 152 of this title shall be applied to the payment of said valid lienable claims and no portion thereof shall be used for any other purpose until all lienable claims due and owing or to become due and owing shall have been paid.
(2) If the party receiving any money under Section 152 of this title is an entity having the characteristics of limited liability pursuant to law, such entity and the natural persons having the legally enforceable duty for the management of the entity shall be liable for the proper application of such trust funds and subject to punishment under Section 1451 of Title 21 of the Oklahoma Statutes. For purposes of this section, the natural persons subject to punishment shall be the managing officers of a corporation and the managers of a limited liability company.
(3) The existence of such trust funds shall not prohibit the filing or enforcement of a labor, mechanic or materialmen's lien against the affected real property by any lien claimant, nor shall the filing of such a lien release the holder of such funds from the obligations created under this section or Section 152 of this title.
Added by Laws 1965, c. 58, § 2. Amended by Laws 1968, c. 174, § 2, emerg. eff. April 15, 1968; Laws 1983, c. 111, § 1, eff. Nov. 1, 1983; Laws 1985, c. 191, § 1, emerg. eff. June 24, 1985; Laws 1997, c. 133, § 460, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 334, eff. July 1, 1999; Laws 2000, c. 6, § 9, emerg. eff. March 20, 2000; Laws 2002, c. 460, § 32, eff. Nov. 1, 2002.
NOTE: Laws 1999, c. 212, § 5 repealed by Laws 2000, c. 6, § 33, emerg. eff. March 20, 2000.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 460 from July 1, 1998, to July 1, 1999.