(a) Upon final disposition of any case where suit is brought by a claimant or claimants, the court making final order and determination shall direct to be paid, and the judge of the court of general sessions or clerk shall pay, the sum or sums paid into court by the commissioner to the parties entitled to the sum or sums under the decree or judgment of the court.
Contract: A legal written agreement that becomes binding when signed.
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) In any instance when the aggregate of the claims filed with the commissioner in due time exceeds the aggregate retained or contract amounts due the contractor, the commissioner, in making payments into court as provided in subsection (a), if any, shall make the same on a pro rata basis.(c) A contractor shall be entitled to recover from the claimant, upon cross-petition duly filed, interest at the rate of six percent (6%) per annum, on so much of any money withheld from the contractor on account of any claim or part of the claim as is disallowed by the court, the interest to run from the date of settlement with the contractor to the date an order of the court is entered directing the disposition of funds paid into the court by the commissioner.
