396.863 - Pledged revenues received or credited subject to immediate lien; priority and validity of lien. - Nevada Statutes

396.863  Pledged revenues received or credited subject to immediate lien; priority and validity of lien.

      1.  Revenues pledged for the payment of any securities, as received by or otherwise credited to the University or the Board, shall immediately be subject to the lien of each such pledge without any physical delivery thereof, any filing, or further act.

      2.  The lien of each such pledge and the obligation to perform the contractual provisions made in the authorizing resolution or other instrument appertaining thereto shall have priority over any or all other obligations and liabilities of the University or the Board, except as may be otherwise provided herein or in such resolution or other instrument, and subject to any prior pledges and liens theretofore created.

      3.  The lien of each such pledge shall be valid and binding as against all persons having claims of any kind in tort, contract or otherwise against the Board or University irrespective of whether such persons have notice thereof.

      (Added to NRS by 1967, 16)