1. (a) A lien on or a pledge of revenue, a contract payment, or a pledge of money to the payment of bonds issued under this subchapter is valid and effective in accordance with Chapter 1208, Government Code, and:

   1. (1) is enforceable in any court at the time of payment for and delivery of the bond;
   2. (2) applies to each item on hand or subsequently received;
   3. (3) applies without physical delivery of an item or other act; and
   4. (4) is enforceable in any court against any person having a claim, in tort, contract, or other remedy, against the commission or the department without regard to whether the person has notice of the lien or pledge.

2. (b) An order authorizing the issuance of bonds is not required to be recorded except in the regular records of the department.

   Transferred from Transportation Code, Section 361.1752 and amended by Acts 2005, 79th Leg., Ch. 281 (H.B. 2702), Sec. 2.42, eff. June 14, 2005.

Added by Acts 2003, 78th Leg., ch. 1325, Sec. 15.27, eff. June 21, 2003.