A pledge made by the authority is valid and binding from the time the pledge is made. The revenue, money, or property pledged and thereafter received by the authority is immediately subject to the lien of the pledge without physical delivery or further act. The lien of a pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of bonds, the trust indenture securing bonds, or other instrument including filings under the Uniform Commercial Code is necessary to create or perfect a pledge or security interest granted by the authority to secure bonds, but the record of the proceedings relative to the issuance of any bonds must be filed as prescribed by Section 11-15-20.
HISTORY: 1992 Act No. 513, Section 3.
Structure South Carolina Code of Laws
Title 48 - Environmental Protection and Conservation
Chapter 5 - South Carolina Water Quality Revolving Fund Authority Act
Section 48-5-40. Powers of authority.
Section 48-5-50. Continuation of existing fund; deposits to fund; use of funds.
Section 48-5-55. Drinking Water Revolving Loan Fund; deposits; use of funds.
Section 48-5-60. Authority of Department of Health and Environmental Control.
Section 48-5-110. Requirements for bonds; security for bonds.
Section 48-5-130. Subsequent amendments not to affect prior agreements or vested rights.
Section 48-5-150. Bonds as legal investments; bonds as securities.