90-7-312. Pledge of revenue, money, or property -- validity. Any pledge made by the authority is valid and binding from the time the pledge is made. The revenue, money, or property pledged and received by the authority is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding against all parties having claims of any kind, whether 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 is required to be recorded.
History: En. Sec. 25, Ch. 703, L. 1983.
Structure Montana Code Annotated
Title 90. Planning, Research, and Development
Chapter 7. Facility Finance Authority
90-7-302. Bonds and notes of authority
90-7-303. Procedure for issuance of bonds
90-7-304. Security of bondholders
90-7-305. Trust agreement to secure bonds
90-7-308. through 90-7-310 reserved
90-7-311. Pledge of state not to impair -- to administer
90-7-312. Pledge of revenue, money, or property -- validity
90-7-313. through 90-7-316 reserved
90-7-317. Capital reserve account
90-7-318. Administration of capital reserve account