Pennsylvania § 1771 Security interest in funds and accounts

Pennsylvania Statutes

§ 1771 — Security interest in funds and accounts

Pennsylvania § 1771

JurisdictionPennsylvania

Title 74TRANSPORTATION

PartPART II

Ch. 17METROPOLITAN TRANSPORTATION AUTHORITIES

Subch.FUNDS AND BONDS OF AUTHORITIES

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Bluebook

74 Pa. Cons. Stat. § 1771 (2026).

Text

Any moneys deposited in any fund created by the authority pledged to be used to pay debt service on bonds of the authority, including any sinking fund or debt service reserve fund, and all investments and proceeds of investments thereof, shall, without further action or filing, be subjected to a perfected security interest for the obligees of the authority with respect to the bonds until such moneys or investments shall be properly disbursed in accordance with this chapter and subject to the terms of any trust indenture or other contract between the authority and the obligees of the authority with respect to the bonds.

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Any moneys deposited in any fund created by the authority pledged to be used to pay debt service on bonds of the authority, including any sinking fund or debt service reserve fund, and all investments and proceeds of investments thereof, shall, without further action or filing, be subjected to a perfected security interest for the obligees of the authority with respect to the bonds until such moneys or investments shall be properly disbursed in accordance with this chapter and subject to the terms of any trust indenture or other contract between the authority and the obligees of the authority with respect to the bonds.