52:27D-485 - Pledge of district agent valid, binding - New Jersey Statutes

52:27D-485.  Pledge of district agent valid, binding
37.  Any pledge of revenues, receipts, moneys, funds, levies, sales agreements, service contracts or other property or instruments made by the district agent 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 district agent 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 district agent 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 district agent.

L.2001,c.310,s.37.