§ 10-225

Maryland § 10-225

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 10

Text

(a) The Authority may pledge or assign:

(1) any of its revenues;

(2) its rights to receive its revenues;

(3) money or securities in accounts established to secure a bond; or

(4) a lien or security interest granted or assignment made to the Authority.

(b) (1) A pledge or assignment under subsection (a) of this section is valid and binding from the time the pledge or assignment is made.

(2) A lien, security interest, or assignment under subsection (a) of this section:

(i) attaches immediately to the revenues or property pledged and then received by the Authority, without any physical delivery or further act; and

(ii) is valid and binding against any person having a claim against the Authority, regardless of whether the person has notice of the pledge, and without the recording or filing of an instrument.