15-2086. Lien of pledge


A. Any pledge made under this article is valid and binding from the time when the
pledge is made.


B. The monies so pledged and received by the board to be placed in the school
improvement revenue bond debt service fund are immediately subject to the lien of the
pledge without any future physical delivery or further act. Any lien of any pledge is
valid and binding against all parties that have claims of any kind against the board,
regardless of whether the parties have notice of the lien. The official resolution or
trust indenture or any instrument by which this pledge is created, when adopted by the
board, is notice to all concerned of the creation of the pledge, and those instruments
need not be recorded in any other place to perfect the pledge.