New Hampshire Revised Statutes 35-A:10 – Effect of Pledge
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Terms Used In New Hampshire Revised Statutes 35-A:10
- Bank: means the New Hampshire municipal bond bank created and established by N. See New Hampshire Revised Statutes 35-A:3
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Revenues: means all fees, charges, moneys, profits, payments of principal of or interest on municipal bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter. See New Hampshire Revised Statutes 35-A:3
- 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 of revenues or other moneys made by the bank shall be valid and binding from the time when the pledge is made; the revenues or other moneys so pledged and thereafter received by the bank 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 the bank, irrespective of whether such parties have notice thereof. Neither the resolution, trust indenture nor any other instrument by which a pledge is created need be filed or recorded in order to establish and perfect a lien or security interest in the property so pledged.