Section 10-225 - Pledge. - Maryland Statutes

§ 10-225. Pledge.
 

(a)  In general.- 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. 

(b)  Validity of pledge or assignment.-  

(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. 
 

[An. Code 1957, art. 41, § 13-123; 2008, ch. 306, § 2.]