Shopping Cart (0) items Sign In

Construction Claims Monthly - Devoted exclusively to the problems of construction contracting since 1963

‹ Prev article: 

Lender Beats Surety To Contract Balance Retainage

Friday, March 03, 2006 05:24 pm

Lender Beats Surety To Contract Balance Retainage

In a case involving retained contract funds, a federal court has ruled that the contractor's secured creditor took priority over the contractor's performance surety on a separate contract.

Jesco Construction Corp. borrowed $2 million from GE Capital Corp. The lender perfected a security interest in Jesco's accounts receivable. At that time, Jesco held a contract with the Army Corps of Engineers for work along the Mississippi River.

When Jesco completed the work, the Corps acknowledged that the $230,000 contract balance was due. GE Capital demanded that it receive the funds pursuant to i [...]

› Next article: 
Sign up now for Construction Claims Monthly Online! Your own virtual help desk of must-have techniques, tutorials, and how-to articles.
Join Now Construction Claims Monthly! Close

Dear Valued Customers,

We regret to announce that ProEdTech LLC and all its affiliate brands will cease operations on April 1, 2019.

We are no longer able to fulfill online orders. We will fullfill all DVD and book orders already placed.

Customers of canceled webinars and subscription products may request a refund at (800) 223-8720 or You must do so by April 1, 2019.

Thank you for your business and loyalty over the years. We sincerely apologize for any inconvenience caused.

Best regards,
The ProEdTech Team