Section 31-27-19 - Negotiability of refunding bonds

All refunding bonds issued under this chapter shall be fully negotiable in accordance with their terms and shall be 'securities' within the meaning of Article 8 of the Uniform Commercial Code, subject to the provisions of such bonds pertaining to registration. It shall not be necessary to file financing statements or continuation statements to protect the lien and pledge granted by a governmental unit to the holders of any refunding bonds issued under this chapter.Laws, 1987, ch. 429, § 10, eff. 3/30/1987.