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164A.100 Pledge of assets or revenues of corporation.

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164A.100 Pledge of assets or revenues of corporation. The pledge of any assets or revenues of the corporation to the payment of the principal of <br>or the interest on any obligations of the corporation shall be valid and binding from the <br>time when the pledge is made and any such assets or revenues shall immediately be <br>subject to the lien of such pledge without any physical delivery thereof or further act, and <br>the lien of any such pledge shall be valid and binding as against all parties having claims <br>of any kind in tort, contract or otherwise against the corporation, irrespective of whether <br>such parties have notice thereof. Nothing herein shall be construed to prohibit the <br>corporation from selling any assets subject to any such pledge except to the extent that <br>any such sale may be restricted by the trust agreement or resolution providing for the <br>issuance of such obligations. Effective: June 17, 1978 <br>History: Created 1978 Ky. Acts ch. 387, sec. 10, effective June 17, 1978