§ 46-12.2-19 - Lien status – Recording.
SECTION 46-12.2-19
§ 46-12.2-19 Lien status – Recording.– (a) Notwithstanding any provision of any other law, including the UniformCommercial Code:
(1) Any pledge or assignment of revenues of any kind, funds,loan agreements, local governmental obligations, property, or assets madepursuant to the provisions of this chapter by the agency, or any localgovernmental unit hereunder, shall be valid and binding against all partieshaving claims of any kind in tort, contract, or otherwise, whether or not theparties have notice thereof, and shall be deemed continuously perfected fromthe time it is made;
(2) No filing of any kind with respect to a pledge orassignment need be made under the Uniform Commercial Code, as amended, orotherwise;
(3) Unless otherwise provided in the loan agreement, a pledgeof revenues of any kind shall be deemed to include a pledge of any accounts orgeneral intangibles from which the pledged revenues are derived, whetherexisting at the time of the pledge or thereafter coming into existence, andwhether held at the time of the pledge or thereafter acquired by the agency orlocal governmental unit, and the proceeds of the accounts or generalintangibles; and
(4) The pledge of revenues of any kind, accounts, and generalintangibles shall be subject to the lien of the pledge without delivery orsegregation, and the lien of the pledge shall be valid and binding against allparties having claims of contract or tort or otherwise against the agency orlocal governmental unit.
(b) A pledge of revenues of any kind under this chapter shallconstitute a sufficient appropriation thereof for the purposes of any provisionfor appropriation, and the revenues may be applied as required by the pledgewithout further appropriation.
(c) For the purposes of this section, the word "pledge" shallbe construed to include the grant of a security interest under the UniformCommercial Code.