North Carolina § 136-28 - 9. Retainage - construction contracts.
Full text of North Carolina North Carolina General Statutes § 136-28 — 9. Retainage - construction contracts., with citation guidance and answers to common questions.
§ 136-28. 9. Retainage - construction contracts.
Notwithstanding the provisions of G.S. 147-69.1 , 147-77, 147-80, 147-86.10, and 147-86.11, or any other provision of the law, the Department of Transportation is authorized to enter into trust agreements with banks and contractors for the deposit of retainage and for the payment to contractors of income on these deposits, in connection with transportation construction contracts, in trust accounts with banks in accordance with Department of Transportation regulations, including deposit insurance and collateral requirements. The Department of Transportation may contract with those banks without trust departments in addition to those with trust departments. Funds deposited in any trust account shall be invested only in bonds, securities, certificates of deposits, or other forms of investment authorized by G.S. 147-69.1 for the investment of State funds. The trust agreement may also provide for interest to be paid on uninvested cash balances. History (1989 (Reg. Sess., 1990), c. 1074, s. 38; 2009-266, s. 15.) Effect of Amendments. - Session Laws 2009-266, s. 15, effective August 1, 2009, substituted "transportation construction contracts" for "highway construction contracts" in the first sentence.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 136-28
What does North Carolina General Statutes § 136-28 cover?
Section 136-28 ("9. Retainage - construction contracts.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 136-28?
A common citation format is "North Carolina General Statutes § 136-28" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 136-28 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.