Delaware Code Title 2 Sec. 1317 – Revenues as trust funds; pledge or assignment of revenues; security …
All moneys received pursuant to this chapter, whether as proceeds from sale of bonds, from grants or other contributions or other revenues, shall be trust funds, to be held and applied solely as provided in this chapter. A resolution authorizing the issuance of bonds and/or the execution and delivery of a trust agreement securing such bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such money and shall hold and apply the same for the purposes hereof subject to such regulations as this chapter and such resolution or trust agreement may provide.
Terms Used In Delaware Code Title 2 Sec. 1317
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal property: All property that is not real property.
- 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.
- Trustee: A person or institution holding and administering property in trust.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
Any pledge or assignment of or other security interest in revenues and any other moneys, earnings, income, accounts, contract rights, general intangibles, instruments, chattel papers or other personal property, including motor fuel taxes, and annual motor carrier registration fees, made or created by the Authority shall be valid, binding and perfected from the time when such pledge, assignment or other security interest is created, without any physical delivery of the collateral or further act. The lien of any such pledge, assignment or other security interest shall be valid, binding and perfected as against all parties having claims of any kind in tort, contract or otherwise against the Authority irrespective of whether or not such parties have notice thereof. No instrument by which such a pledge, assignment or other security interest is created nor any financing statement need be recorded or filed. This paragraph shall apply notwithstanding the Uniform Commercial Code.
62 Del. Laws, c. 164, §§ ?1, 2; 63 Del. Laws, c. 179, § ?33; 63 Del. Laws, c. 387, § ?42(g);