Indiana § 5-1.4-9-3 Pledge of revenues or money

Indiana Statutes

§ 5-1.4-9-3 — Pledge of revenues or money

Indiana § 5-1.4-9-3

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.4LOCAL PUBLIC IMPROVEMENT BOND BANKS

Ch. 9Miscellaneous Provisions

This text of Indiana § 5-1.4-9-3 (Pledge of revenues or money) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-1.4-9-3 (2026).

Text

A pledge of revenues or other money made by
the bank is binding from the time the pledge is made. Revenues or
other money pledged and thereafter received by the bank are
immediately subject to the lien of the pledge without any further act,
and the lien of a pledge is binding against all parties having claims of
any kind in tort, contract, or otherwise against the bank, regardless of
whether the parties have notice of the lien. Neither the resolution nor
any other instrument by which a pledge is created needs to be filed or
recorded except in the records of the bank.

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A pledge of revenues or other money made by
the bank is binding from the time the pledge is made. Revenues or
other money pledged and thereafter received by the bank are
immediately subject to the lien of the pledge without any further act,
and the lien of a pledge is binding against all parties having claims of
any kind in tort, contract, or otherwise against the bank, regardless of
whether the parties have notice of the lien. Neither the resolution nor
any other instrument by which a pledge is created needs to be filed or
recorded except in the records of the bank.