18A:72A-35 - Private colleges; pledges - New Jersey Statutes

18A:72A-35.  Private colleges;  pledges
    Any pledge of moneys, earnings, income or revenues authorized with respect to private colleges, pursuant to the provisions of this chapter, shall be valid  and binding from the time when the pledge is made.  The moneys, earnings,  income or revenues so pledged and thereafter received by the pledgor shall  immediately be subject to the lien of such pledge without any physical delivery  thereof or further act.  The lien of any such pledge shall be valid and binding  as against all parties having claims of any kind in tort, contract or otherwise  against the pledgor irrespective of whether such parties have notice thereof.   No instrument by which such a pledge is created need be filed or recorded in  any manner.
 
L.1967, c.271.