Maryland Code, LOCAL GOVERNMENT 1-1426
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, LOCAL GOVERNMENT 1-1426
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
(a) (1) Any pledge of revenues and other money under § 1-1420(i) of this subtitle is valid and binding from the time the pledge is made.
(2) (i) The revenue or money that an authority pledges and receives is subject immediately to the lien of the pledge.
(ii) Neither physical delivery of the revenue or money nor any other act is required to validate the lien.
(3) The lien of the pledge is valid and binding against each party with a claim against the authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
(b) The trust agreement and any other agreement or lease creating a pledge under this section need not be filed or recorded, except in the records of the authority.