§ 5510.9. Validity of pledge.
(a) General rule.--Any pledge of or grant of a lien on or security interest in revenues of an authority or real or personal property of an authority made by an authority shall be valid and binding from the time when the pledge is made, the revenues or other property so pledged and thereafter received by the authority making such pledge shall immediately be subject to the lien of any such pledge, lien or security interest without any physical delivery thereof or further act, and the lien of any such pledge or security interest 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 the parties have notice thereof. Neither the resolution nor any other instrument of the authority by which a pledge, lien or security interest is created need be recorded or filed to perfect such pledge or security interest.
(b) Applicability.--This section shall only apply to authorities in cities of the first class.
(Dec. 30, 2002, P.L.2001, No.230, eff. 60 days; July 16, 2004, P.L.758, No.94, eff. imd.)
2004 Amendment. Act 94 reenacted section 5510.9. See sections 20(3) and 21(3) of Act 94 in the appendix to this title for special provisions relating to Pennsylvania Public Utility Commission contracts and preservation of rights, obligations, duties and remedies.
2004 Unconstitutionality. Act 230 of 2002 was declared unconstitutional. City of Philadelphia v. Commonwealth, 838 A.2d 566 (Pa. 2003).
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