43-33-735 - Pledge of earnings, revenues or other assets; liens.
§ 43-33-735. Pledge of earnings, revenues or other assets; liens.
It is the intention of the Legislature that:
(a) Any pledge of earnings, revenues or other assets consistent with the provisions of this article shall be valid and binding from the time when the pledge is made;
(b) Any earnings, revenues or other assets so pledged and thereafter received by the corporation shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act;
(c) Such liens shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the corporation irrespective of whether such parties have notice thereof; and
(d) Neither the resolution nor any other instrument by which a pledge is created need be recorded.
Sources: Laws, 1989, ch. 525, § 19, eff from and after July 1, 1989.