1.  Revenues pledged for the payment of any securities, as received by or otherwise credited to the University or the Board, shall immediately be subject to the lien of each such pledge without any physical delivery thereof, any filing, or further act.

Terms Used In Nevada Revised Statutes 396.863

  • Contract: A legal written agreement that becomes binding when signed.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • University: means all of the universities within the Nevada System of Higher Education. See Nevada Revised Statutes 396.005

2.  The lien of each such pledge and the obligation to perform the contractual provisions made in the authorizing resolution or other instrument appertaining thereto shall have priority over any or all other obligations and liabilities of the University or the Board, except as may be otherwise provided herein or in such resolution or other instrument, and subject to any prior pledges and liens theretofore created.

3.  The lien of each such pledge shall be valid and binding as against all persons having claims of any kind in tort, contract or otherwise against the Board or University irrespective of whether such persons have notice thereof.

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