Illinois Compiled Statutes 105 ILCS 5 School Code. Section 34A-511

    (105 ILCS 5/34A-511) (from Ch. 122, par. 34A-511)

    Sec. 34A-511. Statutory lien. Any pledge, assignment, lien or security interest for the benefit of the holders of Bonds or Bond Anticipation Notes, if any, created pursuant to this Act shall be valid and binding from the time the Bonds are issued, without any physical delivery or further act, and shall be valid and binding as against, and prior to any claims of, all other parties having claims of any kind in tort, contract or otherwise against the State, the Authority, the Board or the City, or any other person, irrespective of whether such other parties have notice thereof.

(Source: P.A. 81-1221.)

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Last modified: February 18, 2015