Arizona Laws 17-284. Pledges; lien; personal liability; incontestability
A. Any pledge made pursuant to this article is valid and binding from the time the pledge is made. Monies pledged and received by the commission or its fiscal agent for deposit in the conservation development fund are immediately subject to the lien of the pledge without any physical delivery or further act, and the lien of the pledge is valid and binding against all parties with or without notice of the pledge who have claims of any kind against the commission. The instrument by which the pledge is created is, when placed in the records of the commission, notice to all persons of the creation of the pledge and need not be recorded in any other place.
Terms Used In Arizona Laws 17-284
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Bonds: means bonds issued by the commission pursuant to this article. See Arizona Laws 17-281
- Commission: means the Arizona game and fish commission. See Arizona Laws 17-101
- Game and fish facility: means any real property, fixtures, furnishings and equipment that the commission deems appropriate to carry out this title, including the preservation or propagation of wildlife and the preservation or development of habitat. See Arizona Laws 17-281
- 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.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
B. The members of the commission and any person executing a bond are not personally liable for the payment of a bond.
C. After the sale and delivery of a bond it is incontestable by the commission and is a legal and binding obligation of the commission notwithstanding any imperfection in proceedings with respect to site selection, property acquisition, planning, construction, operation or administration of or for any game and fish facility or any other action taken by the commission not directly affecting the issuance of the bonds.