North Dakota Century Code Title 54. State Government § 54-17-07.11. Pledges

Any pledge made by the industrial commission acting in its capacity as the state housing finance agency is valid and binding from the time the pledge is made. The money and property pledged and received by the industrial commission acting in its capacity as the state housing finance agency, except for general agency money or property, is immediately subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the industrial commission acting in its capacity as the state housing finance agency, irrespective of whether the parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created is required to be recorded to constitute constructive notice of the existence of the pledge.