§ 1771. Security interest in funds and accounts.
113 words·~1 min read·
/pa/title-74/chapter-17/1771A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1771. Security interest in funds and accounts.
Any moneys deposited in any fund created by the authority pledged to be used to pay debt service on bonds of the authority, including any sinking fund or debt service reserve fund, and all investments and proceeds of investments thereof, shall, without further action or filing, be subjected to a perfected security interest for the obligees of the authority with respect to the bonds until such moneys or investments shall be properly disbursed in accordance with this chapter and subject to the terms of any trust indenture or other contract between the authority and the obligees of the authority with respect to the bonds.
74c1772s