North Dakota § 61-37-09 Pledges

North Dakota Statutes

§ 61-37-09 — Pledges

North Dakota·Title 61 Waters·Ch. 61-37 Irrigation District Finance Program

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.

North Dakota § 61-37-09 (Pledges) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.