1. The Laws of New York
  2. Consolidated Laws
  3. Education
  4. Title 7: State and City Colleges and Institutions-cornell University
  5. Article 125: City University of New York

Section 6234 Perfection of security interests

Education (EDN)

If made in connection with the design, construction, acquisition, reconstruction, rehabilitation, lease, improvement, operation, maintenance, furnishing or equipping of community or senior college facilities, any pledge of or other security interest in moneys, earnings, income, revenues, accounts, contract rights, general intangibles or other personal property, or any other resources held, made or created by the city university or on its behalf by any duly authorized officer, employee or agent thereof, or by any other person to secure such person's obligations to the city university, shall be valid, binding and perfected from the time when such pledge or other security interest attaches, without any physical delivery of the collateral or further act. The lien of any such pledge or other security interest shall be valid, binding and perfected as against all parties having claims of any kind in tort, contract or otherwise against the city university irrespective of whether or not such parties have notice thereof. No instrument by which such a pledge or security interest is created nor any financing statement need be recorded or filed. This section shall apply notwithstanding the provisions of the uniform commercial code.