§ 5-1.3-6-13 — Pledges

Indiana § 5-1.3-6-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.3: LEASE FINANCING FOR RAIL PROJECTS FOR
• Ch. 6: Bonds and Notes

Text

A pledge of lease rentals, proceeds of bonds
or notes, investment earnings on those proceeds, or other money
pledged by the IFA or the NWIRDA is binding from the time the
pledge is made. Lease rentals, proceeds of bonds or notes, investment
earnings on those proceeds, or other money pledged by the IFA or the
NWIRDA and received after the pledge by the IFA or the NWIRDA or
its trustee or fiduciary is immediately subject to the lien of the pledge
without any further act, and the lien of the pledge is binding against all
parties having claims of any kind in tort, contract, or otherwise against
the IFA, regardless of whether the parties have notice of the lien. A
resolution, trust agreement, or any other instrument by which a pledge
is created is required to be filed or recorded only in the records of the
IFA.

Legislative History

As added by P.L.189-2018, SEC.26.