North Dakota § 61-37-09 Pledges

North Dakota Statutes

§ 61-37-09 — Pledges

North Dakota § 61-37-09

Title 61Waters

Ch. 61-37Irrigation District Finance Program

This text of North Dakota § 61-37-09 (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 § 61-37-09 (2026).

Text

Any pledge of revenue made by the commission as security for a program guarantee or
program bonds is valid and binding from the time when the pledge is made. The revenues or
other moneys so pledged and thereafter received by the program are immediately subject to the
lien of the pledge, without any physical delivery or further act, and the lien of any pledge is valid
and binding against all parties having claims of any kind against the program, regardless of
whether the parties have notice. Neither the resolution nor any other instrument by which a
pledge is created must be filed or recorded, except in the records of the program.

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Any pledge of revenue made by the commission as security for a program guarantee or
program bonds is valid and binding from the time when the pledge is made. The revenues or
other moneys so pledged and thereafter received by the program are immediately subject to the
lien of the pledge, without any physical delivery or further act, and the lien of any pledge is valid
and binding against all parties having claims of any kind against the program, regardless of
whether the parties have notice. Neither the resolution nor any other instrument by which a
pledge is created must be filed or recorded, except in the records of the program.