Queensland Consolidated Acts Queensland Consolidated Acts(1) If at any time the unsatisfied amount for a contract is more than the retained amount for the contract, the holder of a section 11A security for the contract must--
(a) retain the security until a court in which a subcontractor's claim is heard makes an order under section 11C about enforcing the charge over the security; or
(b) instead of retaining the security--
(i) if the security is held as an amount of money--pay the amount, up to the difference amount for the contract, into court; or
(ii) if the security is not held as an amount of money but may be converted into an amount of money--convert the security, wholly or partly, into an amount of money and pay the amount, up to the difference amount for the contract, into court.
(2) If the holder of the section 11A security does not comply with subsection (1), the holder is personally liable to pay to a subcontractor the amount of the subcontractor's claim to the extent that the security would have been capable under this Act, if the holder had complied with the subsection, of satisfying the claim.
(3) A payment of an amount under subsection (1)(b) discharges the holder of the security of all further liability for the amount paid and of the costs of any proceeding in relation to the amount paid.
(4) Subsections (1) and (2) do not stop the holder of the security from exercising an entitlement to use the security for securing the performance of the contract, including by keeping control of the security until, had this section not commenced, the security would be required to be surrendered, wholly or partly.
(5) A provision of the contract, or of another arrangement, about the section 11A security, including a provision of the security itself, and including a provision providing for the surrender, wholly or partly, of the security, is of no effect to the extent it purports--
(a) to stop the holder of the security from complying with subsection (1); or
(b) to operate to the detriment of a person if the holder complies with subsection (1).
(6) An amount paid into court under subsection (1)(b) may be paid out only under an order of the court.
(7) In this section--
difference amount, for a contract, means the amount by which the unsatisfied amount for the contract is more than the retained amount for the contract.
retained amount, for a contract, means the total of--
(a) all amounts a person is retaining under section 11(1) for the contract; and
(b) all amounts a person has paid into court under section 11(5) for the contract; and
(c) all amounts the holder of the section 11A security for the contract has paid into court under subsection (1)(b) in relation to the security.
section 11A security, for a contract, means a security for the contract in relation to which all the following circumstances apply--
(a) the security is held by an employer, superior contractor or other person;
(b) under section 11(1), a person has become subject to a requirement to retain money that is or is to become payable by the person under the contract, to satisfy a subcontractor's claim or claims or the claims of 2 or more subcontractors;
(c) there have not been acceptances of liability under section 11(3) for the total of all amounts of claims of charge for the contract for which a notice of claim of charge has been given and not withdrawn.
unsatisfied amount, for a contract, means the total of all amounts of claims of charge for the contract for which a notice of claim of charge has been given, other than amounts that have been--
(a) satisfied by payment under section 11(4) or (4A); or
(b) the subject of a withdrawal of notice of claim of charge under section 11(8).