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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
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TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
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SUBTITLE 6. MARYLAND STADIUM AUTHORITY |
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PART IV. BONDS -- IN GENERAL |
§ 10-634. Pledges by Authority of revenues or money deposited in the Baltimore City Public School Construction Financing Fund.
Latest version.
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(a) Pledges as security. -- A pledge by the Authority of revenues or money deposited in the Baltimore City Public School Construction Financing Fund as security for an issue of bonds is valid and binding from when the pledge is made.
(b) Pledged revenues or money subject to lien of pledge. --
(1) The revenues or money deposited in the Baltimore City Public School Construction Financing Fund that are 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 or money. -- Notwithstanding any other provision of law, in order to perfect a lien on pledged revenues or money deposited in the Baltimore City Public School Construction Financing Fund 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.