A person who in the course of business obtains property upon agreement, or subject to a known legal obligation, to make specified payment or other disposition, whether from such property or its proceeds or from his own property to be reserved in equivalent amount, is guilty of theft if he intentionally deals with the property as his own and fails to make the required disposition. The foregoing applies notwithstanding that it may be impossible to identify particular property as belonging to the victim at the time of the defendant's failure to make the required payment or disposition. SOURCE: G.P.C. §§ 506-508, 561a, 653a; M.P.C. § 223.8; *Cal. § 2908 (T.D.3 1969); Cal. § 1002(i) (1971); N.J. § 2C:20-9. CROSS-REFERENCES: GC § 46015(2), Wage and Hour Law; GC § 46034, -Failure to pay wages. CROSS-REFERENCES: § 43.60 is a single, generalized section which provides criminal liability for the misappropriation of funds even though those funds in a sense Abelong@ to the defendant. This Section applies both where the defendant receives funds earmarked for a particular purpose and where the defendant misappropriated funds Afrom his own property to be reserved in an equivalent amount.@ This latter provision, for example, would apply where an employer has an arrangement with his employees pursuant to which he withholds part of their pay on the understanding that the money withheld will be used to pay certain obligations of the employee to third persons. If the employer
fails to pay and uses the funds for his own purposes he is subject to liability under this Section.