52:18A-78.16 - Pledge of revenue and assets; validity; lien - New Jersey Statutes

52:18A-78.16.  Pledge of revenue and assets;  validity;  lien
    Any pledge of revenues, receipts, moneys, funds, levies, sales agreements, service contracts or other property or instruments made by the authority shall be valid and binding from the time when the pledge is made. The revenues, receipts, moneys, funds or other property so pledged and thereafter received by  the authority or a subsidiary shall immediately be subject to the lien of the  pledge without any physical delivery thereof or further act, and the lien of  any pledge shall be valid and binding as against all parties having claims of  any kind in tort, contract or otherwise against the authority irrespective of  whether the parties have notice thereof.  Neither the resolution nor any other  instrument by which a pledge under this section is created need be filed or  recorded except in the records of the authority.

     L.1981, c. 120, s. 16, eff. April 16, 1981.