Sec 33-1059. Assignment of monies; effect

Latest version.

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.

                    
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