Kansas Statutes 12-5227. Pledge of bonds
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 12-5227
- Bonds: means any revenue bonds or notes authorized under this act and payable as provided hereunder. See Kansas Statutes 12-5221
- City: means any city organized and existing under the laws of the state of Kansas. See Kansas Statutes 12-5221
- Contract: A legal written agreement that becomes binding when signed.
- County: means any county in the state of Kansas. See Kansas Statutes 12-5221
- Lien: A claim against real or personal property in satisfaction of a debt.
- Ordinance: means an ordinance adopted and approved by the governing body of a city or a resolution adopted and approved by the board of county commissioners of a county. See Kansas Statutes 12-5221
- Property: includes personal and real property. See Kansas Statutes 77-201
- 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.
- Trustee: A person or institution holding and administering property in trust.
Any pledge made to secure bonds shall be valid and binding from the time when the pledge is made. The revenues and receipts or property or interests in property pledged and thereafter received by a city or county, trustee or custodian shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against such city or county, trustee or custodian, irrespective of whether the parties have notice thereof. Neither the ordinance, nor any other instrument by which a pledge is created, need be recorded.