(a) The rights and interests of the independent organization or its successor under a debt obligation order issued under this subchapter, including the right to impose, collect, and receive default charges, shall be only contract rights until they are first transferred to an assignee or pledged in connection with an investment agreement entered into under § 404.0241, Government Code, or the issuance of debt obligations, at which time they will become default property, as described by Subsection (b).
(b) Default property shall constitute a present property right for purposes of contracts concerning the sale or pledge of property, even though the imposition and collection of default charges depends on further acts of the independent organization or others that have not yet occurred. A debt obligation order issued under this subchapter shall remain in effect and the property shall continue to exist for the same period as the pledge of the state described by § 39.609.

(c) All revenues and collections resulting from default charges shall constitute proceeds only of the default property arising from the debt obligation order.