Sec. 11. A pledge of revenues or other money made by the bank is binding from the time the pledge is made. Revenues or other money so 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.1-1990, SEC.47.
Structure Indiana Code
Title 5. State and Local Administration
Article 1.5. Indiana Bond Bank
Chapter 9. Miscellaneous Provisions
5-1.5-9-1. Limitation of Actions
5-1.5-9-4. Insurance or Guaranty for Payment or Repayment of Interest or Principal, or Both
5-1.5-9-5. Authority to Receive Money; Disposition
5-1.5-9-6. Financial Institution to Keep and Pay Over Funds Deposited With It
5-1.5-9-8. Financial Institutions and Fiduciaries; Investment in Bonds and Notes
5-1.5-9-10. Officers, Departments, etc., of the State to Render Services to Bank; Costs and Expenses
5-1.5-9-11. Pledges of Revenues or Other Money
5-1.5-9-12. Securities; Registration Requirements; Exemption