Alabama § 45-46-90.10 - Lien on Pledge of Revenues.

§ 45-46-90.10. Lien on Pledge of Revenues.

Any pledge of revenues from the operation of facilities of an authority shall be valid and binding from the time it is made, and the revenues so pledged and thereafter received by the authority shall immediately become subject to the lien of such pledge without any physical delivery thereof or further act. The lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have actual notice thereof, from the time a statement is filed in the office of the Judge of Probate of Marengo County, Alabama. Such notice need state only the date on which the resolution authorizing the issuance of the bonds was adopted by the board, the principal amount of bonds issued, a brief description of the revenues so pledged, and a brief description of any property the revenues from which are so pledged. The method provided in this section for the giving of notice of any such pledge of revenues shall be in addition to, and not in lieu of, any other methods now or hereafter provided under the laws of the state for the giving of notice of a pledge of, or the creation or perfection of a lien on or a security interest in, such revenues.