Vt. Stat. Ann. tit. 24, § 4708

Any pledge of revenues or other monies made by the Bank is binding from the time when the pledge is made. Revenues or other monies so pledged and thereafter received by the Bank shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is binding against all parties having claims of any kind in tort, contract, or otherwise against the Bank, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Bank.