State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-11

§122D‑11.  Statutory pledge.

Any pledge made by theAuthority shall be valid and binding from time to time when the pledge is made.The money, assets or revenues of the Authority so pledged and thereafterreceived by the Authority shall immediately be subject to the lien of suchpledge without any physical delivery thereof or further act, and the lien ofany pledge shall be valid and binding as against all parties having claims ofany kind in tort, contract or otherwise against the Authority, irrespective ofwhether such parties have notice thereof. Neither the resolution nor any otherinstrument by which a pledge is created need be recorded or filed in order toestablish and perfect a lien or security interest in the property so pledged bythe Authority. Nothing herein shall be construed to prohibit the Authority fromselling any assets subject to any such pledge except to the extent that anysuch sale may be restricted by the trust agreement or resolution providing forthe issuance of such obligations. (1983, c. 789, s. 1; 1985(Reg. Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e); 1989 (Reg. Sess.,1990), c. 1074, s. 32(b).)

State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-11

§122D‑11.  Statutory pledge.

Any pledge made by theAuthority shall be valid and binding from time to time when the pledge is made.The money, assets or revenues of the Authority so pledged and thereafterreceived by the Authority shall immediately be subject to the lien of suchpledge without any physical delivery thereof or further act, and the lien ofany pledge shall be valid and binding as against all parties having claims ofany kind in tort, contract or otherwise against the Authority, irrespective ofwhether such parties have notice thereof. Neither the resolution nor any otherinstrument by which a pledge is created need be recorded or filed in order toestablish and perfect a lien or security interest in the property so pledged bythe Authority. Nothing herein shall be construed to prohibit the Authority fromselling any assets subject to any such pledge except to the extent that anysuch sale may be restricted by the trust agreement or resolution providing forthe issuance of such obligations. (1983, c. 789, s. 1; 1985(Reg. Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e); 1989 (Reg. Sess.,1990), c. 1074, s. 32(b).)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_122D > GS_122D-11

§122D‑11.  Statutory pledge.

Any pledge made by theAuthority shall be valid and binding from time to time when the pledge is made.The money, assets or revenues of the Authority so pledged and thereafterreceived by the Authority shall immediately be subject to the lien of suchpledge without any physical delivery thereof or further act, and the lien ofany pledge shall be valid and binding as against all parties having claims ofany kind in tort, contract or otherwise against the Authority, irrespective ofwhether such parties have notice thereof. Neither the resolution nor any otherinstrument by which a pledge is created need be recorded or filed in order toestablish and perfect a lien or security interest in the property so pledged bythe Authority. Nothing herein shall be construed to prohibit the Authority fromselling any assets subject to any such pledge except to the extent that anysuch sale may be restricted by the trust agreement or resolution providing forthe issuance of such obligations. (1983, c. 789, s. 1; 1985(Reg. Sess., 1986), c. 1011, s. 1; 1989, c. 500, s. 109(e); 1989 (Reg. Sess.,1990), c. 1074, s. 32(b).)

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