New York § 1048-L Pledge effective without filing or recording

New York Statutes

§ 1048-L — Pledge effective without filing or recording

New York § 1048-L

Law PBAPublic Authorities

Title 2-BBuffalo Municipal Water Finance Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1048-L (2026).

Text

  § 1048-l. Pledge effective without filing or recording. Any provision\nof the uniform commercial code to the contrary notwithstanding, any\npledge of or other security interest in revenues or other personal\nproperty made or created by the authority, the water board or the city\npursuant to this title shall be valid, binding and perfected against all\nparties having claims of any kind in tort, contract or otherwise against\nthe authority, the water board or the city, as the case may be,\nirrespective of whether or not such parties have notice thereof. No\ninstrument by which such pledge or security interest is created nor any\nfinancing statement need be recorded or filed.\n

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§ 1048-l. Pledge effective without filing or recording. Any provision\nof the uniform commercial code to the contrary notwithstanding, any\npledge of or other security interest in revenues or other personal\nproperty made or created by the authority, the water board or the city\npursuant to this title shall be valid, binding and perfected against all\nparties having claims of any kind in tort, contract or otherwise against\nthe authority, the water board or the city, as the case may be,\nirrespective of whether or not such parties have notice thereof. No\ninstrument by which such pledge or security interest is created nor any\nfinancing statement need be recorded or filed.\n