North Dakota Century Code Title 6. Banks and Banking § 6-09.4-09. Pledges

Any pledge of revenue or of a revenue agreement under chapter 40-57 made by the industrial commission as security for public finance authority bonds is valid and binding from time to time when the pledge is made. The industrial commission may also pledge assets of the Bank of North Dakota as security for public finance authority bonds. The revenues or other moneys so pledged and thereafter received by the public finance authority are immediately subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the public finance authority, regardless of whether such 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 public finance authority.