§ 4708 - Pledge of revenues; lien thereof
§ 4708. Pledge of revenues; lien thereof
Any pledge of revenues or other moneys made by the bank is binding from the time when the pledge is made. Revenues or other moneys so pledged and thereafter received by the bank shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is binding against all parties having claims of any kind in tort, contract or otherwise against the bank, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)