Illinois Compiled Statutes 105 ILCS 5/1E-110 – Statutory lien
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Terms Used In Illinois Compiled Statutes 105 ILCS 5/1E-110
- Authority: means a School Finance Authority created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1E-10
- Bonds: means bonds authorized to be issued by the Authority under Section 1E-65 of this Code. See Illinois Compiled Statutes 105 ILCS 5/1E-10
- Contract: A legal written agreement that becomes binding when signed.
- District: means any school district having a population of not more than 500,000 that prior to the effective date of this amendatory Act of the 92nd General Assembly has had a Financial Oversight Panel established for the district under Section 1B-4 of this Code following the district's petitioning of the State Board of Education for the creation of the Financial Oversight Panel and for which the Financial Oversight Panel has been in existence for at least one year. See Illinois Compiled Statutes 105 ILCS 5/1E-10
- Lien: A claim against real or personal property in satisfaction of a debt.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- 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.
Any pledge, assignment, lien, or security interest for the benefit of the holders of Bonds or bond anticipation notes, if any, created pursuant to this Article are valid and binding from the time the Bonds are issued, without any physical delivery or further act, and are valid and binding as against and prior to any claims of all other parties having claims of any kind in tort, contract, or otherwise against the State, the Authority, the district, or any other person, irrespective of whether the other parties have notice.