Michigan Laws 390.1160 – Pledge by authority; lien of pledge; recording not required
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 390.1160
- Authority: means the Michigan higher education student loan authority created by section 3. See Michigan Laws 390.1152
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- resolution: when used in relation to the issuance of bonds, means either the resolution or trust agreement securing the bonds. See Michigan Laws 390.1152
- 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 pledge made by the authority shall be valid and binding from the time the pledge is made. The moneys or property pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery or further act. The lien of the pledge shall be valid and binding against all parties having a claim in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the claim. Neither the resolution nor another instrument by which a pledge is created need be recorded.