52-118.02. Public building construction; bond; action; limitation; person to bring suit; rental equipment, defined.

Every suit instituted under section 52-118.01 shall be brought by any person entitled to the benefit of this action, but no such suit shall be commenced after the expiration of one year after the date of final settlement of the principal contract. The action shall be in the name of the party claiming the benefits of this action.

For the purposes of subsection (1) of section 52-118, equipment which is rented for a project covered by such subsection under a lease with an option to purchase shall be considered to be equipment rented under a straight lease agreement not to exceed the reasonable rental value of the equipment during the period such equipment is actually used on such project and unless and until the option to purchase is validly exercised under the contract.

Source:Laws 1955, c. 199, § 3, p. 567; Laws 1969, c. 435, § 1, p. 1462; Laws 1990, LB 257, § 3.