Arizona Revised Statutes § 5-536 Lien Of Pledge

5-536. Lien of pledge

A. Any pledge made under this article in connection with state lottery revenue bonds is valid and binding from the time the pledge is made.

B. The monies pledged and received by the state lottery revenue bond debt service fund and by the state lottery fund to be placed in the state lottery revenue bond debt service fund are immediately subject to the lien of the pledge without any future physical delivery or further act. Any lien of any pledge is valid and binding against all parties that have claims of any kind against the state, regardless of whether the parties have notice of the lien. The official resolution or trust indenture or any instrument by which this pledge is created when adopted by the director, is notice to all concerned of the creation of the pledge, and those instruments need not be recorded in any other place to perfect the pledge.

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Last modified: October 13, 2016