484.3213 Money or property pledged and received by authority. Sec. 13. (1) Any pledge made by the authority is valid and binding from the date that the pledge is made. (2) The money or property pledged and received by the authority shall immediately be subject to the lien of the pledge without any physical delivery or further act and the lien of the pledge is valid and binding against all parties having claims in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice of the lien. (3) The resolution or any other instrument by which a pledge is created need not be recorded. History: 2002, Act 49, Imd. Eff. Mar. 14, 2002 Compiler's Notes: For transfer of powers and duties of Michigan broadband development authority from department of treasury to department of labor and economic growth by Type I transfer, see E.R.O. No. 2003-1, compiled at MCL 445.2011.
Michigan Legal Code