sec.31AWho are the trustee and beneficiaries of a retention trust

### sec.31A Who are the trustee and beneficiaries of a retention trust This section applies to a retention trust established for retention amounts withheld from payment under a contract (the retention trust contract ). The contracting party is both the trustee and a beneficiary of the retention trust. The contracting party— becomes the trustee and a beneficiary of the retention trust when the trust is established; and ceases to be the trustee and a beneficiary of the retention trust when the trust is dissolved. The contracted party is a beneficiary of the retention trust. The contracted party— becomes a beneficiary of the retention trust when a retention amount is withheld from payment to the party under the retention trust contract; and ceases to be a beneficiary of the retention trust when paid all retention amounts it has a beneficial interest in and the trust is lawfully dissolved. A retention amount need only be released to a contracted party when required under the relevant contract. s 31A ins 2020 No. 24 s 63 amd 2024 No. 14 s 37 (sec.31A-ssec.1) This section applies to a retention trust established for retention amounts withheld from payment under a contract (the retention trust contract ). (sec.31A-ssec.2) The contracting party is both the trustee and a beneficiary of the retention trust. (sec.31A-ssec.3) The contracting party— becomes the trustee and a beneficiary of the retention trust when the trust is established; and ceases to be the trustee and a beneficiary of the retention trust when the trust is dissolved. (sec.31A-ssec.4) The contracted party is a beneficiary of the retention trust. (sec.31A-ssec.5) The contracted party— becomes a beneficiary of the retention trust when a retention amount is withheld from payment to the party under the retention trust contract; and ceases to be a beneficiary of the retention trust when paid all retention amounts it has a beneficial interest in and the trust is lawfully dissolved. A retention amount need only be released to a contracted party when required under the relevant contract. - (a) becomes the trustee and a beneficiary of the retention trust when the trust is established; and - (b) ceases to be the trustee and a beneficiary of the retention trust when the trust is dissolved. - (a) becomes a beneficiary of the retention trust when a retention amount is withheld from payment to the party under the retention trust contract; and - (b) ceases to be a beneficiary of the retention trust when paid all retention amounts it has a beneficial interest in and the trust is lawfully dissolved. Note— A retention amount need only be released to a contracted party when required under the relevant contract.