Wisconsin Code § 234.11

Same; validity and effect of pledge
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Any pledge
made by the authority shall be valid and binding from the time
when the pledge is made; the moneys or property so pledged and
thereafter received by the authority shall immediately be subject
to the lien of such pledge without any physical delivery thereof or
further act; and the lien of any such pledge shall be valid and
binding as against all parties having claims of any kind in tort,
contract or otherwise against the authority, irrespective of
whether such parties have notice thereof. Neither the resolution
nor any other instrument by which a pledge is created need be
recorded.

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