§ 24-520. Pledge of revenues as security

   (a) Valid and binding. -- A pledge by the Commission of revenues as security for an issue of bonds shall be valid and binding from the time when the documents evidencing the pledge are executed by the Commission.

(b) Delivery. --

   (1) The revenues that the Commission pledges may be made immediately subject to the lien of the pledge without any physical delivery or further act.

   (2) The lien of any pledge of revenue is valid and binding against any person who has any claim in tort, contract, or otherwise against the Commission, whether or not the person has notice.

(c) Perfection of lien on pledged revenue. -- In order to perfect the lien on the revenue pledged by the Commission against third persons, a resolution, trust agreement or financing statement, continuation statement, or other instrument that the Commission adopts or enters into need not be filed or recorded in any public record other than the records of the Commission.

HISTORY: 1997, ch. 583.