62.1-210 - Pledge by Authority. - Virginia Statutes

§ 62.1-210. Pledge by Authority.

Any pledge made by the Authority shall be valid and binding from the timewhen the pledge is made. The revenue, money or property so pledged andthereafter received by the Authority shall immediately be subject to the lienof such a pledge without any physical delivery thereof or further act.Furthermore, the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract or otherwiseagainst the Authority, irrespective of whether the parties have notice of thepledge. No recording or filing of the resolution authorizing the issuance ofbonds or credit enhancements, the trust indenture securing bonds or any otherinstrument, including filings under Title 8.9A (§ 8.9A-101 et seq.) of theUniform Commercial Code of Virginia, shall be necessary to create or perfectany pledge or security interest granted by the Authority to secure any bondsor credit enhancements.

(1984, c. 699; 1998, c. 399.)