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§ 10-225. Pledge

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 2. Maryland Food Center Authority (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 10-225
§ 10-225. Pledge
Currentness
In general
(a) The Authority may pledge or assign:
(1) any of its revenues;
(2) its rights to receive its revenues;
(3) money or securities in accounts established to secure a bond; or
(4) a lien or security interest granted or assignment made to the Authority.
Validity of pledge or assignment
(b)(1) A pledge or assignment under subsection (a) of this section is valid and binding from the time the pledge or assignment is made.
(2) A lien, security interest, or assignment under subsection (a) of this section:
(i) attaches immediately to the revenues or property pledged and then received by the Authority, without any physical delivery or further act; and
(ii) is valid and binding against any person having a claim against the Authority, regardless of whether the person has notice of the pledge, and without the recording or filing of an instrument.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 10-225, MD ECON DEV § 10-225
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document