§ 35-12-9 Security for notes. – (a) The principal of and interest on any notes issued by the corporation may besecured by a pledge or assignment of any revenues and receipts of thecorporation and may be secured by a security interest or other instrumentcovering all or any part of one or more accounts acquired by the corporationpursuant to the provisions of this chapter.
(b) The resolution under which the notes are authorized to beissued and the security interest or other instrument may contain agreements andprovisions respecting the servicing of the loans covered thereby, the fixingand collection of payments or repayments or other revenues therefrom, thecreation and maintenance of special funds from these revenues, and the rightsand remedies available in the event of default, all as the corporation shalldeem advisable.
(c) Each pledge, assignment, agreement, security interest, orother instrument made for the benefit or security of any of the notes of thecorporation shall continue in effect until the principal of and interest on thenotes for the benefit of which the notes was made shall have been fully paid,or until provision shall have been made for payment in the manner provided inthe resolution under which the notes were authorized.
(d) Any pledge made by the corporation shall be valid andbinding from the time it is made. The money, accounts, or property pledged andthereafter received by the corporation shall immediately be subject to the lienof the pledge without physical delivery or further act. The lien of the pledgeshall be valid and binding against all parties having a claim in tort,contract, or otherwise against the corporation, irrespective of whether theparties have notice of the claim. Neither the resolution nor any instrument bywhich a pledge is created need be recorded.
(e) Any resolution under which notes of the corporation areauthorized to be issued (and any trust indenture established thereby) maycontain provisions for vesting in a trustee or trustees such properties,rights, powers, and duties in trust as the corporation may determine.
§ 35-12-9 Security for notes. – (a) The principal of and interest on any notes issued by the corporation may besecured by a pledge or assignment of any revenues and receipts of thecorporation and may be secured by a security interest or other instrumentcovering all or any part of one or more accounts acquired by the corporationpursuant to the provisions of this chapter.
(b) The resolution under which the notes are authorized to beissued and the security interest or other instrument may contain agreements andprovisions respecting the servicing of the loans covered thereby, the fixingand collection of payments or repayments or other revenues therefrom, thecreation and maintenance of special funds from these revenues, and the rightsand remedies available in the event of default, all as the corporation shalldeem advisable.
(c) Each pledge, assignment, agreement, security interest, orother instrument made for the benefit or security of any of the notes of thecorporation shall continue in effect until the principal of and interest on thenotes for the benefit of which the notes was made shall have been fully paid,or until provision shall have been made for payment in the manner provided inthe resolution under which the notes were authorized.
(d) Any pledge made by the corporation shall be valid andbinding from the time it is made. The money, accounts, or property pledged andthereafter received by the corporation shall immediately be subject to the lienof the pledge without physical delivery or further act. The lien of the pledgeshall be valid and binding against all parties having a claim in tort,contract, or otherwise against the corporation, irrespective of whether theparties have notice of the claim. Neither the resolution nor any instrument bywhich a pledge is created need be recorded.
(e) Any resolution under which notes of the corporation areauthorized to be issued (and any trust indenture established thereby) maycontain provisions for vesting in a trustee or trustees such properties,rights, powers, and duties in trust as the corporation may determine.
§ 35-12-9 Security for notes. – (a) The principal of and interest on any notes issued by the corporation may besecured by a pledge or assignment of any revenues and receipts of thecorporation and may be secured by a security interest or other instrumentcovering all or any part of one or more accounts acquired by the corporationpursuant to the provisions of this chapter.
(b) The resolution under which the notes are authorized to beissued and the security interest or other instrument may contain agreements andprovisions respecting the servicing of the loans covered thereby, the fixingand collection of payments or repayments or other revenues therefrom, thecreation and maintenance of special funds from these revenues, and the rightsand remedies available in the event of default, all as the corporation shalldeem advisable.
(c) Each pledge, assignment, agreement, security interest, orother instrument made for the benefit or security of any of the notes of thecorporation shall continue in effect until the principal of and interest on thenotes for the benefit of which the notes was made shall have been fully paid,or until provision shall have been made for payment in the manner provided inthe resolution under which the notes were authorized.
(d) Any pledge made by the corporation shall be valid andbinding from the time it is made. The money, accounts, or property pledged andthereafter received by the corporation shall immediately be subject to the lienof the pledge without physical delivery or further act. The lien of the pledgeshall be valid and binding against all parties having a claim in tort,contract, or otherwise against the corporation, irrespective of whether theparties have notice of the claim. Neither the resolution nor any instrument bywhich a pledge is created need be recorded.
(e) Any resolution under which notes of the corporation areauthorized to be issued (and any trust indenture established thereby) maycontain provisions for vesting in a trustee or trustees such properties,rights, powers, and duties in trust as the corporation may determine.
