§ 87-7-3. Payment of contractors; penalty for late payment
All sums due contractors under all construction contracts, except public construction contracts, shall be paid as follows: Partial, progress or interim payments: all partial, progress or interim payments or monies owed contractors shall be paid when due and payable under the terms of the contract. If they are not paid within thirty (30) calendar days […]
§ 87-7-5. Proportional payment of subcontractors; penalty for late payment
When a contractor receives any payment from the owner under a construction contract, other than a public construction contract, the contractor shall, upon receipt of that payment, pay each subcontractor and material supplier in proportion to the percentage of work completed by each such subcontractor and material supplier. If for any reason the contractor receives […]
§ 87-7-7. Contractor negotiation of draft payable to contractor and other parties; written signed authorization of co-payees required; penalties
A contractor who undertakes to negotiate a draft made payable to the contractor and any other party must first obtain an endorsement or other written signed authorization of every co-payee on the draft if the draft is tendered in payment for materials or equipment furnished or labor performed by the owner, laborer, supplier or equipment […]
§ 87-7-9. Contracts, subcontracts or purchase orders with provisions relating to real property improvement that make the contract subject to laws of another state or restrict forum for litigation, arbitration or dispute resolution to another state are void; applicability
A provision in any contract, subcontract, or purchase order for the improvement of real property in this state, or to provide materials therefor, is void and against public policy if it makes the contract, subcontract, or purchase order subject to the laws of another state, or provides that the exclusive forum for any litigation, arbitration, […]
§ 87-9-1. Manufacturer’s taxes required to be paid under contract; alteration of timing; security
When a contract calls for one (1) party to reimburse the other party for the federal manufacturer’s excise tax levied by 26 USCA4081 through 26 USCA4083, whether as a separate item or as part of the price, the party required to make the reimbursement may tender payment for the taxes one (1) business day before […]
§ 87-5-13. Execution against principal and sureties; how served
When execution shall issue on any judgment or decree rendered against a principal and surety, and the surety shall make affidavit that he is only surety on the instrument upon which the judgment or decree is founded, and deliver it to the officer serving the execution, the officer shall make the money, or as much […]
§ 87-3-107. Durable power of attorney not affected by lapse of time, disability or incapacity
All acts done by an attorney in fact pursuant to a durable power of attorney during any period of disability or incapacity of the principal have the same effect and inure to the benefit of and bind the principal and his successors in interest as if the principal were competent and not disabled. Unless the […]
§ 87-3-109. Relation of attorney in fact to court-appointed fiduciary
If, following execution of a durable power of attorney, a court of the principal’s domicile appoints a conservator, guardian of the estate, or other fiduciary charged with the management of all of the principal’s property or all of his property except specified exclusions, the attorney in fact is accountable to the fiduciary as well as […]
§ 87-3-111. Power of attorney not revoked until notice
The death of a principal who has executed a written power of attorney, durable or otherwise, does not revoke or terminate the agency as to the attorney in fact or other person, who, without actual knowledge of the death of the principal, acts in good faith under the power. Any action so taken, unless otherwise […]
§ 87-3-113. Proof of continuance of durable and other powers of attorney by affidavit
As to acts undertaken in good faith reliance thereon, an affidavit executed by the attorney in fact under a power of attorney, durable or otherwise, stating that he did not have at the time of exercise of the power actual knowledge of the termination of the power by revocation or of the principal’s death, disability, […]