(a) Any pledge made by the authority pursuant to this chapter, or by a local government
unit pursuant to a loan program agreement, or by a local education agency in connection
therewith shall be valid and binding from the time when the pledge is made, the moneys
or property so pledged and thereafter received by the authority or local government
unit, as applicable, shall immediately be subject to the lien of such pledge without
any physical delivery thereof or further act. 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 the authority, local government
units, or local education agency as applicable, irrespective of whether such parties
have notice of those claims.
(b) Recording of the resolution or any other instrument by which a pledge is created
is not required.
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