55:14K-23 - Pledges of income, revenues or other property - New Jersey Statutes

55:14K-23.  Pledges of income, revenues or other property
    Any pledge made by the agency of income, revenues or other property shall be  valid and binding from the time the pledge is made.  The income, revenue or  other property so pledged by the agency 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 agency, irrespective of whether such parties have notice thereof.  Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the agency.

     L.1983, c. 530, s. 23, eff. Jan. 17, 1984.