Sec. 3-76n. Validity of pledges.
Sec. 3-76n. Validity of pledges. Any pledge made by or pursuant to this part shall
be valid and binding from the time when the pledge is made. Moneys pledged pursuant
to this part and thereafter received 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 state or the Treasurer or the municipalities irrespective of
whether such parties have notice thereof. Neither the bond determination nor any other
instrument by which a pledge is created need be recorded. Any such pledge made with
respect to the moneys and investments in the Municipal Refunding Bond Escrow Fund
for the benefit of the holders of the bonds for which the municipal refunding bonds are
issued, except with the consent of the holders of such bonds, may be made irrevocable
notwithstanding the discharge of the lien of any pledge and rights of the holders of
special obligation bonds.
(P.A. 73-591, S. 14, 21.)