18-1-301. Contractor withdrawals -- deposit of obligations. (1) The contractor under any contract made or awarded by the state of Montana or any department, agency, or political subdivision thereof, including any contract for the construction, improvement, maintenance, or repair of any road or highway or the appurtenances thereto, may, from time to time, withdraw the whole or any portion of the sums otherwise due to the contractor under such contract which are retained by the state of Montana or any department, agency, or political subdivision thereof pursuant to the terms of such contract, provided the contractor shall deposit with the contracting agency:
     (a) United States treasury bonds, United States treasury notes, United States treasury certificates of indebtedness, or United States treasury bills;
     (b) bonds or notes of the state of Montana;
     (c) bonds of any political subdivision of the state of Montana of a market value not exceeding par at the time of deposit; or
     (d) certificates of deposit drawn and issued by a national banking association located in the state of Montana or by any banking corporation incorporated under the laws of the state of Montana.
     (2) Deposited obligations shall be at least equal in value to the amount so withdrawn from payments retained under such contract.

     History: En. Sec. 1, Ch. 194, L. 1969; amd. Sec. 1, Ch. 101, L. 1971; R.C.M. 1947, 82-4101; amd. Sec. 1, Ch. 113, L. 1985.