§ 10-634

Maryland § 10-634

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

Text

(a) A pledge by the Authority of revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund as security for an issue of bonds is valid and binding from when the pledge is made.

(b) (1) The revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund that are pledged are immediately subject to the lien of the pledge without any physical delivery or further act.

(2) The lien of any pledge is valid and binding against any person having a claim against the Authority in tort, contract, or otherwise, regardless of whether the person has notice of the lien.

(c) Notwithstanding any other provision of law, in order to perfect a lien on pledged revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund against a third person, it is not necessary to file or record any document adopted or entered into by the Authority in any public record other than in the records of the Authority.