§ 33-1057 — Withholding of money by owner; payment bond

A. On receipt of a stop notice pursuant to section 33-1054, the owner shall withhold from the original contractor or from any person acting under the original contractor's authority and to whom labor, professional services, materials, machinery, fixtures or tools have been furnished or agreed to be furnished sufficient monies due or to become due to that contractor to answer that claim and any claim of lien that may be recorded for that claim unless a payment bond has been recorded pursuant to section 33-1003. If a payment bond is recorded, the owner may withhold the monies.

B. If the owner elects not to withhold pursuant to a stop notice by reason of a payment bond having been recorded in accordance with section 33-1003, the owner within thirty days after receipt of the stop notice shall give a written notice to the claimant at the address shown in the stop notice that the bond has been recorded and shall furnish to the claimant a copy of that bond.