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This entry was published on 2014-09-22
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Pledge effective without filing or recording
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 6
§ 1115-k. Pledge effective without filing or recording. Any provision
of the uniform commercial code to the contrary notwithstanding, any
pledge of or other security interest in revenues or other personal
property made or created by the authority, the water board or the city
pursuant to this title shall be valid, binding and perfected against all
parties having claims of any kind in tort, contract or otherwise against
the authority, the water board or the city, as the case may be,
irrespective of whether or not such parties have notice thereof. No
instrument by which such pledge or security interest is created nor any
financing statement need be recorded or filed.