33-1059. Assignment of monies; effect
A. Whether made before or after a stop notice or bonded stop notice is given to a construction lender, no assignment by the owner or contractor of construction monies takes priority over the stop notice or bonded stop notice, and the assignment has no effect as to the rights of claimants who give the stop notice or bonded stop notice.
B. Any allocation or disbursement of any sum from construction monies by a construction lender for the payment of loan fees, interest or other charges to the construction lender is not an assignment under subsection A and is not subject to any stop notice or bonded stop notice given to the construction lender.
Section: Previous 33-1052 33-1053 33-1054 33-1055 33-1056 33-1057 33-1058 33-1059 33-1060 33-1061 33-1062 33-1063 33-1064 33-1065 33-1066 NextLast modified: October 13, 2016