§ 122A-10. Validity of any pledge. - North Carolina Statutes

§122A‑10.  Validity of any pledge.

The pledge of any assets orrevenues of the Agency to the payment of the principal of or the interest onany obligations of the Agency shall be valid and binding from the time when thepledge is made and any such assets or revenues shall immediately be subject tothe 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 allparties having claims of any kind in tort, contract or otherwise against theAgency, irrespective of whether such parties have notice thereof. Nothingherein shall be construed to prohibit the Agency from selling any assetssubject to any such pledge except to the extent that any such sale may berestricted by the trust agreement or resolution providing for the issuance ofsuch obligations. (1969, c. 1235, s. 10; 1973, c. 1296, s. 50.)