247.954 Pledge of assets or revenues of corporation binding.
The pledge of any assets or revenues of the corporation to the payment of the principal of <br>or the interest on any obligations of the corporation issued in its lending agency capacity <br>shall be valid and binding from the time such pledge is made, and any such assets or <br>revenues shall immediately be subject to the lien of such pledge without any physical <br>delivery thereof or further act; and the lien of any such pledge shall be valid and binding <br>as against all parties having claims of any kind in tort, contract or otherwise, against the <br>corporation, regardless of whether such parties have notice thereof. Nothing herein <br>contained shall be construed to prohibit the corporation from selling any assets subject to <br>any such pledge except to the extent that any such sale may be restricted by the terms of <br>the trust agreement or resolution authorizing the issuance of such obligations.
Effective: April 11, 1984 <br>History: Created 1984 Ky. Acts ch. 374, sec. 8, effective April 11, 1984.
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