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§ 24-520. Pledge of revenues

West's Annotated Code of MarylandEducation

West's Annotated Code of Maryland
Education (Refs & Annos)
Division IV. Other Education Provisions [Titles 21-End] (Refs & Annos)
Title 24. Miscellaneous Education Agencies (Refs & Annos)
Subtitle 5. Historic ST. Mary's City Commission (Refs & Annos)
Part IV. Revenue Bonds
MD Code, Education, § 24-520
§ 24-520. Pledge of revenues
Currentness
Pledges valid and binding from time executed
(a) A pledge by the Commission of revenues as security for an issue of bonds shall be valid and binding from the time when the documents evidencing the pledge are executed by the Commission.
Revenues subject to lien of pledge
(b)(1) The revenues that the Commission pledges may be made immediately subject to the lien of the pledge without any physical delivery or further act.
(2) The lien of any pledge of revenue is valid and binding against any person who has any claim in tort, contract, or otherwise against the Commission, whether or not the person has notice.
Perfection of liens
(c) In order to perfect the lien on the revenue pledged by the Commission against third persons, a resolution, trust agreement or financing statement, continuation statement, or other instrument that the Commission adopts or enters into need not be filed or recorded in any public record other than the records of the Commission.

Credits

Added by Acts 1997, c. 583, § 1, eff. July 1, 1997.
MD Code, Education, § 24-520, MD EDUC § 24-520
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.
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