Misapplication of Entrusted Funds; Defined and Punished

(a)A person commits an offense if he applies or disposes of property that has been entrusted to him as a fiduciary, or property of the government or of a financial institution, in a manner which he knows is unlawful and involves substantial risk of loss or detriment to the owner of the property or to a person for whose benefit the property was entrusted.

(b)The offense is a misdemeanor if the amount involved exceeds $50; otherwise it is a petty misdemeanor.

(c)Fiduciary includes trustee, guardian, executor, administrator, receiver and any person carrying on fiduciary functions on behalf of a corporation or other organization which is a fiduciary.

(d)Financial institution has the meaning provided in Subsection

(a)of § 46.65.