§ 16-17A-11 — Pledge of Revenues; Security Documents

Alabama § 16-17A-11

• Jurisdiction: Alabama
• Title 16: Education
• Ch. 17A: University Authority Act of 2016

Text

(a) Any pledge of any revenues of an authority or university affiliate, including, without limitation, tax revenues made available to an authority, shall be valid and binding from the time it is made, and the revenues or taxes so pledged and thereafter received by the authority shall immediately become subject to the lien of that pledge without any physical delivery thereof or further act. The lien of that pledge shall be valid and binding against all parties having claims of any kind against the authority, irrespective of whether the parties have actual notice thereof. The resolution or security document establishing a pledge of revenues may provide that the lien established extends, on a pari passu basis, to any additional indebtedness issued as a parity obligation in accordance with the terms of the financing document.
(b) Any security document relating to any real property, personal property, fixtures, or other tangible property of an authority may be filed in the office of the judge of probate of the county in which the property to be secured is located, and the lien of the security document shall be valid and binding against all parties having claims of any kind against the authority, irrespective of whether any person has actual notice thereof, from the time the security document is so filed, with respect to all property subject thereto, including, without limitation, after-acquired property.

Legislative History

(Act 2016-201, §11.)