§ 42-116-18 - Lien status – Recording.
SECTION 42-116-18
§ 42-116-18 Lien status – Recording.– (a) Notwithstanding any provision of any other law, including the UniformCommercial Code, title 6A of the general laws:
(1) Any pledge or assignment of revenues of any kind, funds,loan agreements, property, or assets made pursuant to the provisions of thischapter by the corporation is valid and binding against all parties havingclaims of any kind in tort, contract, or otherwise, whether or not the partieshave notice of these claims, and is deemed continuously perfected from the timeit is made;
(2) No filing of any kind with respect to the pledge orassignment need be made under the Uniform Commercial Code, title 6A of thegeneral laws, as amended, or otherwise;
(3) Unless otherwise provided in the loan agreement, a pledgeof revenues of any kind is deemed to include a pledge of any accounts orgeneral intangibles from which the pledged revenues are derived, whetherexisting at the time of the pledge or thereafter coming into existence andwhether held at the time of the pledge or thereafter acquired by thecorporation and the proceeds of the accounts or general intangibles; and
(4) The pledge of revenues of any kind, accounts, and generalintangibles is subject to the lien of the pledge without delivery orsegregation and the lien of the pledge is valid and binding against all partieshaving claims of contract or tort or otherwise against the corporation.
(b) A pledge of revenues of any kind under this chapterconstitutes a sufficient appropriation of revenues for the purposes of anyprovision for appropriation and the revenues may be applied as required by thepledge without further appropriation.
(c) For the purposes of this section the word "pledge" isconstrued to include the grant of a security interest under the UniformCommercial Code, title 6A of the general laws.