§ 5297 - Pledge of revenues; lien thereof - Vermont Statutes

§ 5297. Pledge of revenues; lien thereof

Any pledge of revenues or other moneys made by the authority is binding from the time when the pledge is made. Revenues or other moneys so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is binding 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 is created need be filed or recorded except in the records of the authority. (Added 1999, No. 121 (Adj. Sess.), § 1.)