State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title48 > 48-5344

48-5344 Pledges; liens

A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article when placed in the bond account, bond proceeds account or construction account of the regional transportation fund are immediately subject to the lien of the pledge without any future physical delivery or further act.

B. A lien of any pledge is valid or binding against all parties having claims of any kind in tort, contract or otherwise against the board, regardless of whether the parties have notice. When placed in the records of the board, the official resolution or trust indenture or any instrument by which this pledge is created is notice to all concerned of the creation of the pledge, and these instruments are not required to be recorded in any other place. A filing or recording of the resolution of the board creating or extending the lien or pledge in order for the pledge or lien to become fully effective is not required in any office other than in the office of the board.