Michigan Laws 484.3213 – Money or property pledged and received by authority
Current as of: 2023 | Check for updates
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(1) Any pledge made by the authority is valid and binding from the date that the pledge is made.
(2) The money or property pledged and received by the authority shall immediately be subject to the lien of the pledge without any physical delivery or further act and the lien of the pledge is valid and binding against all parties having claims in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the lien.
Terms Used In Michigan Laws 484.3213
- Authority: means the Michigan broadband development authority created under section 4. See Michigan Laws 484.3203
- Contract: A legal written agreement that becomes binding when signed.
- 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.
(3) The resolution or any other instrument by which a pledge is created need not be recorded.