(a) The obligations of the Arkansas Student Loan Authority shall be payable from and secured by a pledge of revenues derived from or by reason of ownership of guaranteed educational loan notes, education loan notes, and investment income after deduction of expenses of operating the authority's program.
(b) (1) The payment of the principal, redemption premium, if any, and interest on the trustee's and paying agent's fees in connection with the obligations may be secured by a lien on any collateral security received by the authority, including with limitation, the authority's interest in any loan agreements and the interest and revenue from the loan agreements.
(2) The trustee or holders of the bond are not required to take possession of the loans and collateral security to perfect the lien.
Section: Previous 6-81-107 6-81-108 6-81-109 6-81-110 6-81-111 6-81-112 6-81-113 6-81-114 6-81-115 6-81-116 6-81-118 6-81-119 6-81-120 6-81-122 6-81-124 NextLast modified: November 15, 2016