The revenues and receipts or property or interests in property pledged and thereafter received by a municipality or trustee shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against such municipality or trustee irrespective of whether the parties have notice thereof. Neither the ordinance, nor any other instrument by which a pledge is created, need be recorded.
65 ILCS 5/11-74.5-8
Any pledge made to secure bonds shall be valid and binding from the time when the pledge is made
Known as the Municipal Housing Finance Law
The act spans §§ 65-5-11-74-5-1 to 65-5-11-74-5-9 (15 sections).
P.A. 81-580.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.