§ 10-225. Pledge

MD Econ Dev Code § 10-225 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a)    The Authority may pledge or assign:

(1)    any of its revenues;

(2)    its rights to receive its revenues;

(3)    money or securities in accounts established to secure a bond; or

(4)    a lien or security interest granted or assignment made to the Authority.

(b)    (1)    A pledge or assignment under subsection (a) of this section is valid and binding from the time the pledge or assignment is made.

(2)    A lien, security interest, or assignment under subsection (a) of this section:

(i)    attaches immediately to the revenues or property pledged and then received by the Authority, without any physical delivery or further act; and

(ii)    is valid and binding against any person having a claim against the Authority, regardless of whether the person has notice of the pledge, and without the recording or filing of an instrument.