Arizona § 41-5786 Lien of pledge

Arizona Statutes

§ 41-5786 — Lien of pledge

Arizona § 41-5786

Title 41Arizona Revised Statutes

Ch. 56SCHOOL CAPITAL FINANCE

Art. 7State School Improvement Revenue Bonds

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Bluebook

Ariz. Rev. Stat. Ann. § 41-5786 (2026).

Text

A.Any pledge made under this article is valid and binding from the time when the pledge is made.

B.The monies so pledged and received by the board to be placed in the school improvement revenue bond debt service fund are immediately subject to the lien of the pledge without any future physical delivery or further act. Any lien of any pledge is valid and binding against all parties that have claims of any kind against the board, regardless of whether the parties have notice of the lien. The official resolution or trust indenture or any instrument by which this pledge is created, when adopted by the board, is notice to all concerned of the creation of the pledge, and those instruments need not be recorded in any other place to perfect the pledge.

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A. Any pledge made under this article is valid and binding from the time when the pledge is made.

B. The monies so pledged and received by the board to be placed in the school improvement revenue bond debt service fund are immediately subject to the lien of the pledge without any future physical delivery or further act. Any lien of any pledge is valid and binding against all parties that have claims of any kind against the board, regardless of whether the parties have notice of the lien. The official resolution or trust indenture or any instrument by which this pledge is created, when adopted by the board, is notice to all concerned of the creation of the pledge, and those instruments need not be recorded in any other place to perfect the pledge.