§ 21-17-428 — Lien against pledged revenue

(a) Revenues pledged for the payment of any securities, as
received by or otherwise credited to the board, are immediately
subject to the lien of each pledge without any physical delivery
thereof, any filing, or further act.
(b) The lien of each pledge and the obligation to perform
the contractual provisions made in the authorizing resolution
or other instrument appertaining thereto is prior to any other
obligations and liabilities of the board except as may be
otherwise provided in this act or in the resolution or other
instrument, and subject to any prior pledges and liens
theretofore created.
(c) The lien of each pledge is valid and binding as
against all persons having claims of any kind in tort, contract
or otherwise against the board or university irrespective of
whether the persons have notice thereof.