Indiana Code 5-1.2-14-10. Pledging of loans
(1) the water infrastructure assistance fund;
Terms Used In Indiana Code 5-1.2-14-10
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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.
(3) the drinking water revolving loan fund established by IC 5-1.2-10; or
(4) the supplemental drinking water and wastewater assistance fund established by IC 5-1.2-11;
for the benefit of participants.
(b) The terms of a pledge under this section must be acceptable to the authority.
(c) Notwithstanding any other law, a pledge of property made by the authority under this section is binding from the time the pledge is made. Revenues, other money, or other property pledged and thereafter received are immediately subject to the lien of the pledge without any further act. The lien of a pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against:
(1) the authority;
(2) the budget agency; or
(3) the water infrastructure assistance fund;
regardless of whether the parties have notice of any lien.
(d) A resolution, an indenture, or another instrument by which a pledge is created under this section does not have to be filed or recorded, except in the records of the authority.
(e) Action taken to:
(1) enforce a pledge made under this section; and
(2) realize the benefits of the pledge;
is limited to the property pledged.
(f) A pledge under this section does not create a liability or indebtedness of the state.
As added by P.L.189-2018, SEC.25.