52:27H-41.3 - Pledge by authority valid, binding - New Jersey Statutes

52:27H-41.3  Pledge by authority valid, binding.

14.Any pledge of revenues, receipts, monies, 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, monies, funds or other property so pledged and thereafter received by the authority or a subsidiary shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and 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 authority, irrespective of whether such 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.2008, c.47, s.14.