It is the intention of the legislature that a pledge made in respect of bonds shall be valid and binding from the time the pledge is made; that the money or property so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act; and that the lien of the 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 the parties have notice. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created need be recorded or filed under the provisions of the Uniform Commercial Code to be valid, binding, or effective against the parties.
Section: Previous 44.88.088 44.88.090 44.88.095 44.88.100 44.88.105 44.88.110 44.88.120 44.88.130 44.88.140 44.88.150 44.88.155 44.88.156 44.88.157 44.88.159 NextLast modified: November 15, 2016