Sec. 43.
Any pledge made by an authority shall be valid and binding from the time the pledge is made. The moneys or property 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. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.
History: 1969, Act 38, Imd. Eff. July 14, 1969
Structure Michigan Compiled Laws
Act 38 of 1969 - Hospital Finance Authority Act (331.31 - 331.84)
38-1969-4 - Chapter 4 (331.71...331.84)
Section 331.71 - Applicability of Chapter.
Section 331.73 - Pledges and Liens; Validity; Recording.
Section 331.73a - Refunding Bonds; Issuance; Purposes.
Section 331.73d - Refunding Bonds; Nonliability of State; Statement.
Section 331.74 - Authority Members; Persons Executing Notes or Bonds; Personal Liability.
Section 331.75 - Bond or Note Holders; Vested Rights, Impairment.
Section 331.76 - Repealed. 2002, Act 436, Imd. Eff. June 10, 2002.
Section 331.77 - Certificate of Need Required; Exception.
Section 331.78 - Bonds or Notes; Negotiability.
Section 331.79 - Bonds and Notes; Legal Investments.
Section 331.80 - Tax Exemption.
Section 331.81 - Bonds and Notes; Tax Exemption, Exception.
Section 331.82 - Nondiscrimination Provision.
Section 331.83 - Construction of Act as to Powers Conferred; Purpose and Intention.
Section 331.84 - Declaration of Necessity; Liberal Construction.