§ 10-225. Pledge

   (a) In general. -- The Authority may pledge or assign:

   (1) any of its revenues;

   (2) its rights to receive its revenues;

   (3) money or securities in accounts established to secure a bond; or

   (4) a lien or security interest granted or assignment made to the Authority.

(b) Validity of pledge or assignment. --

   (1) A pledge or assignment under subsection (a) of this section is valid and binding from the time the pledge or assignment is made.

   (2) A lien, security interest, or assignment under subsection (a) of this section:

      (i) attaches immediately to the revenues or property pledged and then received by the Authority, without any physical delivery or further act; and

      (ii) is valid and binding against any person having a claim against the Authority, regardless of whether the person has notice of the pledge, and without the recording or filing of an instrument.

HISTORY: An. Code 1957, art. 41, § 13-123; 2008, ch. 306, § 2.