South Carolina § 48-5-120 Pledge as valid and binding; lien of pledge; record of proceedings relative to issuance of bonds to be filed.

South Carolina Statutes

§ 48-5-120 — Pledge as valid and binding; lien of pledge; record of proceedings relative to issuance of bonds to be filed.

South Carolina § 48-5-120

Title 48ENVIRONMENTAL PROTECTION AND CONSERVATION

Ch. 5SOUTH CAROLINA WATER QUALITY REVOLVING FUND AUTHORITY ACT

This text of South Carolina § 48-5-120 (Pledge as valid and binding; lien of pledge; record of proceedings relative to issuance of bonds to be filed.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 48-5-120 (2026).

Text

A pledge made by the authority is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the authority is immediately subject to the lien of the pledge without physical delivery or further act. The lien of a pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of bonds, the trust indenture securing bonds, or other instrument including filings under the Uniform Commercial Code is necessary to create or perfect a pledge or security interest granted by the authority to secure bonds, but the record of the proceedings relative 

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A pledge made by the authority is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the authority is immediately subject to the lien of the pledge without physical delivery or further act. The lien of a pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of bonds, the trust indenture securing bonds, or other instrument including filings under the Uniform Commercial Code is necessary to create or perfect a pledge or security interest granted by the authority to secure bonds, but the record of the proceedings relative to the issuance of any bonds must be filed as prescribed by Section 11-15-20.