§ 15-5-313 — Pledge valid and binding - Lien

(a) Any pledge of revenues, moneys, funds, or other property made by the Arkansas Development Finance Authority shall be valid and binding from the time when the pledge is made and the revenues, moneys, funds, or other property so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without the physical delivery thereof or further act on the part of the authority, and 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 authority, irrespective of whether the parties have notice thereof. (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 authority.

Legislative History

Acts 1985, No. 1062, § 11.00; A.S.A. 1947, § 13-2911.