Code of Alabama - Title 11: Counties and Municipal Corporations - Section 11-81-189 - Impairment, etc., of valid liens or contracts not authorized by article

Section 11-81-189 - Impairment, etc., of valid liens or contracts not authorized by article.

Nothing in this article shall be construed as authorizing any borrower to impair or commit a breach of the obligation of any valid lien or contract created or entered into by it, the intention of this article being to authorize the pledging, setting aside and segregation of gross revenues only where consistent with outstanding obligations of such borrower.

(Acts 1933, Ex. Sess., No. 102, p. 88; Code 1940, T. 37, §337.)

Last modified: May 3, 2021