Sec. 10.
A pledge made by the authority shall be valid and binding from the time the pledge is made. The moneys or property pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act. The lien of the pledge shall be valid and binding against all parties having a claim in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the claim. Neither the resolution nor another instrument by which a pledge is created need be recorded.
History: 1975, Act 222, Eff. Oct. 1, 1975
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 222 of 1975 - Higher Education Loan Authority Act (390.1151 - 390.1165)
Section 390.1151 - Short Title.
Section 390.1152 - Definitions.
Section 390.1154 - Powers of Authority.
Section 390.1154a - Loans to Students or Parents of Students; Purpose; Rules.
Section 390.1156 - Bonds; Pledge and Agreement of State.
Section 390.1157 - Bonds as Investment Securities.
Section 390.1158 - Disposition of Moneys of Authority; Contracts With Holders of Bonds; Audit.
Section 390.1159 - Tax Exemptions; Bonds and Interest Coupons Negotiable; Registration of Bonds.
Section 390.1160 - Pledge by Authority; Lien of Pledge; Recording Not Required.
Section 390.1161 - Default; Appointment and Powers of Trustee; Rights of Bondholders and Trustee.
Section 390.1163 - Personal Liability.
Section 390.1164 - Repealed. 1976, Act 163, Imd. Eff. June 21, 1976.