If any subcontractor refuses to pay any mechanic, laborer, or other person employed by such contractor, for the performance of any of the work, or the delivery of material for the purposes provided for in §65-10-101, such mechanic, laborer, or other person so employed by the subcontractor may elect to give notice, in writing, to the principal contractor, setting out the work done or the material furnished, and the amount claimed therefor; and thereupon the amount that may be due or owing from the principal contractor to the subcontractor, not exceeding the amount of the claim, shall be bound and liable in the hands of the principal contractor, for the amount so claimed, for a period of ninety (90) days from the date of the service of notice upon the principal contractor, or the principal contractor's agent or attorney, and until the termination of any suit commenced within that time for the collection of such claim.