North Dakota § 61-02-68.15 Pledges

North Dakota Statutes

§ 61-02-68.15 — Pledges

North Dakota § 61-02-68.15

Title 61Waters

Ch. 61-02Water Commission

This text of North Dakota § 61-02-68.15 (Pledges) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 61-02-68.15 (2026).

Text

The commission may pledge the municipal, rural, and industrial water supply funds
authorized by Pub. L. 99-294 [100 Stat. 418] as security for a guarantee or note. A pledge is
valid and binding whenever the pledge is made. The revenues or other moneys pledged and
thereafter received by the commission are immediately subject to the lien of the pledge without
physical delivery or further act, and the lien of the pledge is valid and binding as against all
parties having claims of any kind against the commission, regardless of whether the parties
have notice. Neither the resolution nor any other instrument by which a pledge is created need
be filed or recorded, except in the records of the commission.

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The commission may pledge the municipal, rural, and industrial water supply funds
authorized by Pub. L. 99-294 [100 Stat. 418] as security for a guarantee or note. A pledge is
valid and binding whenever the pledge is made. The revenues or other moneys pledged and
thereafter received by the commission are immediately subject to the lien of the pledge without
physical delivery or further act, and the lien of the pledge is valid and binding as against all
parties having claims of any kind against the commission, regardless of whether the parties
have notice. Neither the resolution nor any other instrument by which a pledge is created need
be filed or recorded, except in the records of the commission.