Iowa Code 573.13 – Inviolability and disposition of fund
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Terms Used In Iowa Code 573.13
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
573.13 Inviolability and disposition of fund.
A public corporation shall not be permitted to plead noncompliance with § 573.12 and
the retained percentage of the contract price, which in no case shall be more than five percent, constitutes a fund for the payment of claims for materials furnished and labor performed on the improvement and shall be held and disposed of by the public corporation as provided in this chapter.
[S13, §1989-a57; C24, 27, 31, 35, 39, §10311; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81,
§573.13]
90 Acts, ch 1229, §3
Referred to in §573.14, 573.15A
A public corporation shall not be permitted to plead noncompliance with § 573.12 and
the retained percentage of the contract price, which in no case shall be more than five percent, constitutes a fund for the payment of claims for materials furnished and labor performed on the improvement and shall be held and disposed of by the public corporation as provided in this chapter.
[S13, §1989-a57; C24, 27, 31, 35, 39, §10311; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81,
§573.13]
90 Acts, ch 1229, §3
Referred to in §573.14, 573.15A