Securities
Jan. 8, 2015
For securities in lieu of retention, is default also acceptance?
Since another Court of Appeal has handed down a third decision, it's clear: a public owner can convert a general contractor's securities held in lieu of retention into cash and use those funds to finish a project. By John P. McGill
As the Bellman said to his crew in Lewis Carroll's "The Hunting of the Snark," "I have said it three times: What I tell you three times is true." Now that another Court of Appeal has handed down a third decision on a public owner's right to access securities held in lieu of retention, the issue should be clear - and true: a public owner can convert a general contractor's securities held in lieu of retention into c...
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