53B-13-109. Board pledges -- Attachment of lien -- Recording unnecessary.
(1) A pledge made by the board is valid and binding from the time the pledge is made.
(2) The money or property pledged and subsequently received by the board is
immediately subject to the lien of the pledge without physical delivery or further act.
(3) The lien of the pledge is valid and binding against all parties having a claim in tort,
contract, or otherwise against the board, irrespective of whether the parties have notice of the
claim.
(4) Neither the resolution nor another instrument by which a pledge is created need be
recorded.
Enacted by Chapter 167, 1987 General Session
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Last revised: Wednesday, October 08, 2008