48-5165. Pledges; liens
139 words·~1 min read·
/az/title-48/48-5165A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article and placed in a bond account of the public transportation fund are immediately subject to the lien of the pledge without any future physical delivery or further act.
B. A lien of any pledge is valid or binding against all parties having claims of any kind in tort, contract or otherwise against the board, regardless of whether the parties have notice. When placed in the records of the board, the official resolution or trust indenture or any instrument by which this pledge is created is notice to all concerned of the creation of the pledge, and these instruments are not required to be recorded in any other place to perfect the pledge.