§ 1526. Validity of pledge.
154 words·~1 min read·
/pa/title-64/chapter-15/1526A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1526. Validity of pledge.
A pledge of or grant of a security interest in revenues or instruments made by the authority shall be valid and binding from the time when the pledge is made. The revenues, receipts, money, funds or other property or instruments pledged and later received by the authority shall immediately be subject to the lien of the pledge or security interest without any physical delivery of the property pledged or further act. The lien of the pledge or security interest shall be 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 lien, pledge or security interest.
No instrument by which a pledge or security interest is created, evidenced or noticed need be recorded or filed to perfect the pledge or security interest except in the records of the authority.
64c1527s