N.D. Cent. Code § 6-09.4-09
This is the official text of N.D. Cent. Code § 6-09.4-09, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-09.4-09. Pledges
Official statutory text
6-09.4-09. Pledges
Any pledge of revenue or of a revenue agreement under chapter 40-57 made by the
industrial commission as security for public finance authority bonds is valid and binding from
time to time when the pledge is made. The industrial commission may also pledge assets of the
Bank of North Dakota as security for public finance authority bonds. The revenues or other
moneys so pledged and thereafter received by the public finance authority are immediately
subject to the lien of such pledge without any physical delivery thereof or further act, and the
lien of any such pledge is valid and binding as against all parties having claims of any kind in
tort, contract, or otherwise against the public finance authority, regardless of whether such
parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is
created need be filed or recorded, except in the records of the public finance authority.
Any pledge of revenue or of a revenue agreement under chapter 40-57 made by the
industrial commission as security for public finance authority bonds is valid and binding from
time to time when the pledge is made. The industrial commission may also pledge assets of the
Bank of North Dakota as security for public finance authority bonds. The revenues or other
moneys so pledged and thereafter received by the public finance authority are immediately
subject to the lien of such pledge without any physical delivery thereof or further act, and the
lien of any such pledge is valid and binding as against all parties having claims of any kind in
tort, contract, or otherwise against the public finance authority, regardless of whether such
parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is
created need be filed or recorded, except in the records of the public finance authority.
Status: in_force · Read it on the official government site
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