Deer Park Bank v. Aetna Insurance Co.

While I concur in the affirmation of the case, I do so upon grounds slightly different from those advanced by Chief Justice Dies. Just as does my dissenting brother, I will confine my remarks to the “retained percentage” of the two contracts.

The contracts provided that City would deduct two percent of the monthly estimates of the value of the work performed by the Contractor during each month “as an agreed amount to be retained by said City as security that the work described herein will be completed in accordance with this agreement and the plans and specifications attached hereto.” It…