§ 15-22-1309 — Bonds - Effective date of lien of pledge

(a) (1) Any pledge of revenues, moneys, funds, or other property made by the Arkansas Natural Resources Commission shall be valid and binding from the time the pledge is made. (2) The revenues, moneys, funds, or other property so pledged and received by the commission shall immediately be subject to the lien of the pledge without physical delivery of the revenues, moneys, funds, or other property pledged and received by the commission or further act on the part of the commission. (3) The lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the commission, irrespective of whether the parties have notice of the lien of the pledge. (b) Neither the authorizing resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the commission.

Legislative History

Acts 2003, No. 598, § 1.