18-1-304. Priority of deductions from retained payments and proceeds of deposited obligation. Any amount deducted by the state of Montana or by any department, agency, or political subdivision thereof pursuant to the terms of a contract from the retained payments otherwise due to the contractor thereunder shall be deducted first from that portion of the retained payments for which no obligation has been substituted, then from the proceeds of any deposited obligation. In the latter case, the contractor shall be entitled to receive the interest, coupons, or income only from those obligations which remain on deposit after such amount has been deducted.
History: En. Sec. 4, Ch. 194, L. 1969; R.C.M. 1947, 82-4104.
Structure Montana Code Annotated
Chapter 1. Public Contracts Generally
Part 3. Prepayment of Public Contractors
18-1-301. Contractor withdrawals -- deposit of obligations
18-1-302. Servicing of deposited obligations
18-1-303. Interest or income on deposits to contractor
18-1-304. Priority of deductions from retained payments and proceeds of deposited obligation