                                 CODE OF VIRGINIA

PLEDGE BY AUTHORITY (§ 2.2-2300)

Any pledge made by the Authority shall be valid and binding from the time when
the pledge was made. The revenues or properties so pledged and thereafter
received by the Authority shall immediately be subject to the lien of such
pledge without any physical delivery thereof or further act, and 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, irrespective of
whether the parties have notice thereof. Neither the resolution nor any other
instrument by which a pledge is created need be recorded.

HISTORY: 1984, c. 749, § 9-224; 2001, c. 844.