US Laws, Codes, Statutes & Cases

Any pledge made by the authority shall be valid and binding from the time when the pledge is made. The revenues, moneys, or property so pledged and received after the pledge by the authority shall immediately be subject to the lien of such pledge without any physical delivery or further act; and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice of the lien. Neither the resolution nor any other instrument by which a pledge is created need be recorded or filed in order to establish and perfect a lien or security interest in the property so pledged.

Source. 1981, 466:2, eff. July 1, 1981.