12.74  Pledges.

1.  It is the intention of the general assembly that a pledge made in respect of bonds or notes shall be valid and binding from the time the pledge is made, that the money or property so pledged and received after the pledge by the treasurer of state shall immediately be subject to the lien of the pledge without physical delivery or further act, and that the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the treasurer of state whether or not the parties have notice of the lien.

2.  The state pledges to and agrees with the holders of bonds or notes issued under section 12.71 that the state will not limit or alter the rights and powers vested in the board or the treasurer of state to fulfill the terms of a contract made with respect to the bonds or notes, or in any way impair the rights and remedies of the holders until the bonds and notes, together with the interest on them including interest on unpaid installments of interest, are fully met and discharged.

Section History: Recent form

  2000 Acts, ch 1174, §17; 2000 Acts, ch 1232, §42

Internal References

  Referred to in § 12.75, 12.77

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