17-284 - Arizona Statutes

17-284. Pledges; lien; personal liability; incontestability A. Any pledge made pursuant to this article is valid and binding from the time the pledge is made. Monies pledged and received by the commission or its fiscal agent for deposit in the conservation development fund are immediately subject to the lien of the pledge without any physical delivery or further act, and the lien of the pledge is valid and binding against all parties with or without notice of the pledge who have claims of any kind against the commission. The instrument by which the pledge is created is, when placed in the records of the commission, notice to all persons of the creation of the pledge and need not be recorded in any other place. B. The members of the commission and any person executing a bond are not personally liable for the payment of a bond. C. After the sale and delivery of a bond it is incontestable by the commission and is a legal and binding obligation of the commission notwithstanding any imperfection in proceedings with respect to site selection, property acquisition, planning, construction, operation or administration of or for any game and fish facility or any other action taken by the commission not directly affecting the issuance of the bonds.