Indiana Code 5-20-1-10. Pledge of authority assets to obligations of the authority
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 5-20-1-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Indiana housing and community development authority created by section 3 of this chapter. See Indiana Code 5-20-1-2
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligations: means any bonds or notes authorized to be issued by the authority under this chapter. See Indiana Code 5-20-1-2
- 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.
Sec. 10. Pledge of Authority Assets to Obligations of the Authority. The pledge of any assets or revenues of the authority to the payment of the principal of, premium, if any, and interest on any obligations of the authority shall be valid and binding from the time when the pledge is made, and any such assets or revenues shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof.
As added by Acts 1978, P.L.28, SEC.1.