§ 34. Exemption of materials or equipment from execution. All
materials or equipment furnished or partly procured on a defaulted
contract with the corporation, shall be exempt from execution, but the
corporation shall pay the moneys due for such material or equipment to
any judgment creditor of the contractor under whose execution such
materials or equipment might otherwise have been sold, on production to
it of due proof that such execution would have so attached, and such
payments shall be valid payments on the contract.