Section 10-634 - Pledges of revenue by Authority.
§ 10-634. Pledges of revenue by Authority.
(a) Pledges as security.- A pledge by the Authority of revenues as security for an issue of bonds is valid and binding from when the pledge is made.
(b) Pledged revenues subject to lien of pledge.-
(1) The revenues pledged are immediately subject to the lien of the pledge without any physical delivery or further act.
(2) The lien of any pledge is valid and binding against any person having a claim against the Authority in tort, contract, or otherwise, regardless of whether the person has notice of the lien.
(c) Perfecting lien of pledged revenues.- Notwithstanding any other provision of law, in order to perfect a lien on pledged revenues against a third person, it is not necessary to file or record any document adopted or entered into by the Authority in any public record other than in the records of the Authority.
[FI § 13-712(e); 2008, ch. 306, § 2.]