(a) The pledge of assets or revenue of the corporation to the payment of the principal or interest on bonds of the corporation is valid and binding from the time the pledge is made and the assets or revenue are immediately subject to the lien of the pledge without physical delivery or further act. The lien of a pledge is valid and binding against all parties having claims of any kind against the corporation, irrespective of whether those parties have notice of the lien of the pledge.
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Terms Used In Alaska Statutes 42.40.670

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • bonds: means bonds, bond anticipation notes, notes, refunding bonds, or other obligations. See Alaska Statutes 42.40.980
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • corporation: means the Alaska Railroad Corporation. See Alaska Statutes 42.40.980
  • Lien: A claim against real or personal property in satisfaction of a debt.
(b) Nothing in this section prohibits the corporation from selling assets subject to a pledge, except that a sale may be restricted by the trust agreement or resolution providing for the issuance of the bonds.
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