Sec. 3. A pledge of revenues or other money made by the bank is binding from the time the pledge is made. Revenues or other money pledged and thereafter received by the bank are immediately subject to the lien of the pledge without any further act, and the lien of a pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the bank, regardless of whether the parties have notice of the lien. Neither the resolution nor any other instrument by which a pledge is created needs to be filed or recorded except in the records of the bank.
As added by P.L.42-1985, SEC.1.
Structure Indiana Code
Title 5. State and Local Administration
Article 1.4. Local Public Improvement Bond Banks
Chapter 9. Miscellaneous Provisions
5-1.4-9-1. Limitation of Actions
5-1.4-9-3. Pledge of Revenues or Money
5-1.4-9-4. Insurance or Guaranty for Payment
5-1.4-9-5. Authority to Receive Appropriations or Grants From Federal Government; Disposition
5-1.4-9-6. Undertaking by Financial Institution to Keep and Pay Over Funds Deposited With It
5-1.4-9-8. Financial Institutions and Fiduciaries; Investment in Bonds or Notes
5-1.4-9-9. Nature of Bank Property; Bonds and Notes; Exemption From Taxation
5-1.4-9-10. Officers and Departments of State; Rendering of Services to Bank; Costs and Expenses
5-1.4-9-11. Dissolution of Bank; Assets and Property of Bank