19-31-25 - Pledge made by district valid and binding; recording or filing not required for perfection of lien or security interest in pledged property. - Mississippi Statutes

§ 19-31-25. Pledge made by district valid and binding; recording or filing not required for perfection of lien or security interest in pledged property.
 

Any pledge made by the district shall be valid and binding from time to time when the pledge is made without the need for physical delivery of any pledged property. The money, assets or revenues of the district so pledged and thereafter received by the district shall be immediately subject to the lien of such pledge and shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the district, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded or filed in order to establish and perfect a lien or security interest in the property so pledged by the district. 
 

Sources: Laws, 2002, ch. 499, § 13, eff from and after passage (approved Apr. 1, 2002.)