<?xml version='1.0' encoding='utf-8'?>
<section article="glg" article_name="Local Government" number="1-1426" title_number="1" title_name="Definitions; General Provisions" subtitle_number="14">
  <level label="a">
    <level label="1">
      <text>Any pledge of revenues and other money under § 1–1420(i) of this subtitle is valid and binding from the time the pledge is made.</text>
    </level>
    <level label="2">
      <level label="i">
        <text>The revenue or money that an authority pledges and receives is subject immediately to the lien of the pledge.</text>
      </level>
      <level label="ii">
        <text>Neither physical delivery of the revenue or money nor any other act is required to validate the lien.</text>
      </level>
    </level>
    <level label="3">
      <text>The lien of the pledge is valid and binding against each party with a claim against the authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.</text>
    </level>
  </level>
  <level label="b">
    <text>The trust agreement and any other agreement or lease creating a pledge under this section need not be filed or recorded, except in the records of the authority.</text>
  </level>
</section>
