Sec. 32-703. Lien on security. Exception.
111 words·~1 min read·
/ct/title-32/chapter-588aa-state-assistance-for-economic-development/32-703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the terms and conditions of an agreement for state assistance, except an agreement for grants only, provide for security, the awarding authority providing such state assistance shall have a lien on such security in an amount equal to the amount that is due on such state assistance or other appropriate security for such financial assistance. Any such lien shall have priority over all other subsequent liens except state tax liens, except if the awarding authority determines it is not in the best interests of the state to have such priority. The awarding authority shall notify the State Bond Commission or the appropriate board of directors, if any, of such determination.