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Validity of pledge - 64 Pa. Cons. Stat. § 1526

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     § 1526.  Validity of pledge.
        A pledge of or grant of a security interest in revenues or
     instruments made by the authority shall be valid and binding
     from the time when the pledge is made. The revenues, receipts,
     money, funds or other property or instruments pledged and later
     received by the authority shall immediately be subject to the
     lien of the pledge or security interest without any physical
     delivery of the property pledged or further act. The lien of the
     pledge or security interest 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 of the lien, pledge or security interest. No
     instrument by which a pledge or security interest is created,
     evidenced or noticed need be recorded or filed to perfect the
     pledge or security interest except in the records of the
     authority.

Last modified: November 27, 2007