Md. Code Ann., Local Gov't § 1-1426
Pledge of revenue
Effective Oct 1, 2017Added as Local Government § 5-426 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1426 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017. Amended by Acts 2017, c. 618, § 2, eff. Oct. 1, 2017; Acts 2017, c. 619, § 2, eff. Oct. 1, 2017.State of Maryland
(a)
- (1) Any pledge of revenues and other money under § 1-1420(i) of this subtitle is valid and binding from the time the pledge is made.
(2)
- (i) The revenue or money that an authority pledges and receives is subject immediately to the lien of the pledge.
- (ii) Neither physical delivery of the revenue or money nor any other act is required to validate the lien.
- (3) The lien of the pledge is valid and binding against each party with a claim against the authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
- (b) The trust agreement and any other agreement or lease creating a pledge under this section need not be filed or recorded, except in the records of the authority.
Added as Local Government § 5-426 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1426 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017. Amended by Acts 2017, c. 618, § 2, eff. Oct. 1, 2017; Acts 2017, c. 619, § 2, eff. Oct. 1, 2017.