<?xml version='1.0' encoding='utf-8'?>
<section article="gec" article_name="Economic Development" number="10-518" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation">
  <level label="a">
    <text>The Corporation may pledge or assign:</text>
    <level label="1">
      <text>any of its revenues;</text>
    </level>
    <level label="2">
      <text>any of its rights to receive revenues;</text>
    </level>
    <level label="3">
      <text>money and securities in accounts established to secure a bond; and</text>
    </level>
    <level label="4">
      <text>a lien or security interest granted or assignment made to the Corporation.</text>
    </level>
  </level>
  <level label="b">
    <text>A pledge or assignment:</text>
    <level label="1">
      <text>is valid and binding against any person having a claim against the Corporation, in contract, tort, or otherwise, regardless of whether the person has notice of the pledge or assignment; and</text>
    </level>
    <level label="2">
      <text>has priority over the claim.</text>
    </level>
  </level>
  <level label="c">
    <text>A resolution, trust agreement, assignment, financing agreement, or other instrument that creates a lien, security interest, assignment, or pledge under subsection (a) of this section:</text>
    <level label="1">
      <text>shall be filed in the records of the Corporation; but</text>
    </level>
    <level label="2">
      <text>need not be filed or recorded elsewhere.</text>
    </level>
  </level>
</section>
