New Jersey Revised Statutes § 55:19-34 - Pledge Of Revenues, Other Moneys Valid, Binding

55:19-34.Pledge of revenues, other moneys valid, binding

15. Any pledge of revenues or other moneys made by the authority shall be valid and binding from the time that the pledge is made. The revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge 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 such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the authority.


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Last modified: October 11, 2016