41-5812. Lien of pledge
138 words·~1 min read·
/az/title-41/41-5812A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Any pledge made under this article is valid and binding from the time when the pledge is made.
B. The monies so pledged and received by the school district to be placed in the impact aid revenue bond debt service fund are immediately subject to the lien of the pledge without any future physical delivery or further act. Any lien of any pledge is valid and binding against all parties that have claims of any kind against the school district, regardless of whether the parties have notice of the lien. The official resolution or trust indenture or any instrument by which this pledge is created, when adopted by the governing board, is notice to all concerned of the creation of the pledge, and those instruments need not be recorded in any other place to perfect the pledge.