Terms Used In N.Y. Public Authorities Law 1048-L

  • Contract: A legal written agreement that becomes binding when signed.
  • Personal property: All property that is not real property.
  • 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.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC

Any provision of the uniform commercial code to the contrary notwithstanding, any pledge of or other security interest in revenues or other personal property made or created by the authority, the water board or the city pursuant to this title shall be valid, binding and perfected against all parties having claims of any kind in tort, contract or otherwise against the authority, the water board or the city, as the case may be, irrespective of whether or not such parties have notice thereof. No instrument by which such pledge or security interest is created nor any financing statement need be recorded or filed.