(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.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.