77-5-747 - Pledges made by municipalities or joint agencies.
§ 77-5-747. Pledges made by municipalities or joint agencies.
Any pledge made by a municipality or joint agency pursuant to this article shall be valid and binding from the date the pledge is made. The revenues, securities and other moneys so pledged and then held or thereafter received by the municipality or joint agency or any fiduciary shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the municipality or joint agency without regard to whether such parties have notice thereof. The resolution trust indenture or other security instrument by which a pledge is created need not be filed or recorded in any manner.
Sources: Laws, 1978, ch. 363, § 19(3); Laws, 1981, ch. 383, § 2, eff from and after passage (approved March 20, 1981).