80-12-308. Validity of pledge. A pledge made by the authority is valid and binding from the time the pledge is made. The revenues or property pledged and thereafter received by the authority is immediately subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice thereof. The resolution, trust indenture, or any other instrument by which a pledge is created need not be recorded.
History: En. Sec. 12, Ch. 580, L. 1983.
Structure Montana Code Annotated
Chapter 12. Montana Agricultural Loan Authority Act
80-12-301. Issuance of bonds -- credit of the state not pledged
80-12-302. Provisions of bond resolutions or trust indentures
80-12-304. Negotiability of bonds
80-12-305. Tax exemption of bonds
80-12-306. Purchase of bonds -- cancellation
80-12-307. Pledge against impairment of contracts
80-12-308. Validity of pledge
80-12-310. Continuing validity of authority members' signatures
80-12-311. Accounts of the authority
80-12-312. Reserve funds and appropriations