(a) A pledge by the Authority of revenues as security for an issue of bonds shall be valid and binding from the time when the documents evidencing the pledge are executed by the Authority.
(b) (1) The revenues that the Authority pledges are immediately subject to the lien of the pledge without any physical delivery or further act.
(2) The lien of any pledge of revenue is valid and binding against any person who has any claim in tort, contract, or otherwise against the Authority, whether or not the person has notice.
(c) In order to perfect the lien on the revenue pledged by the Authority against third persons, a resolution, trust agreement or financing statement, continuation statement, or other instrument that the Authority adopts or enters into need not be filed or recorded in any public record other than the records of the Authority.
Structure Maryland Statutes
Title 13 - State-Operated Financial Programs
Subtitle 10 - Canal Place Preservation and Development Authority
Section 13-1019 - Bonds Payable From Receipts of Authority
Section 13-1020 - Requirements of Bonds Issued
Section 13-1021 - Resolutions or Trust Agreements
Section 13-1022 - Pledge of Revenues as Security for Issue of Bonds
Section 13-1023 - Liability; Enforcement of Rights
Section 13-1024 - Refunding Bonds
Section 13-1025 - Agreements to Enhance Marketability or to Provide Security; Investments in Bonds