Maryland Governor - Executive and Administrative Departments Section 13-123

      (a)      The Authority may pledge or assign:

            (1)      All or any portion of its revenues;

            (2)      The Authority's rights to receive its revenues; or

            (3)      Moneys or securities in the funds and accounts established to secure its bonds and any lien or security interest granted or assignment made by the Authority.

      (b)      (1)      Any pledge or assignment under subsection (a) of this section is valid and binding from the time the pledge or assignment is made.

            (2)      Any lien, security interest, or assignment under subsection (a) of this section:

                  (i)      Attaches immediately to revenues or property pledged and thereafter received by the Authority, without any physical delivery or further act; and

                  (ii)      Is valid and binding against all persons having claims of any kind against the Authority, whether or not those persons have notice of the pledge, and without the recording or filing of any instrument.