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§ 1-1426. Pledge of revenue

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2017

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 14. Establishment of Land Bank Authorities (Refs & Annos)
Effective: October 1, 2017
MD Code, Local Government, § 1-1426
Formerly cited as MD LOCAL GOVT § 5-426Formerly cited as MD CODE, Art. 23A, § 77
§ 1-1426. Pledge of revenue
Currentness
Validation
(a)(1) Any pledge of revenues and other money under § 1-1420(i) of this subtitle is valid and binding from the time the pledge is made.
(2)(i) The revenue or money that an authority pledges and receives is subject immediately to the lien of the pledge.
(ii) Neither physical delivery of the revenue or money nor any other act is required to validate the lien.
(3) The lien of the pledge is valid and binding against each party with a claim against the authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
Filing or recordation
(b) The trust agreement and any other agreement or lease creating a pledge under this section need not be filed or recorded, except in the records of the authority.

Credits

Added as Local Government § 5-426 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1426 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017. Amended by Acts 2017, c. 618, § 2, eff. Oct. 1, 2017; Acts 2017, c. 619, § 2, eff. Oct. 1, 2017.
MD Code, Local Government, § 1-1426, MD LOCAL GOVT § 1-1426
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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