Alaska Statutes: AS 41.41.340. Validity of Pledge.

Alaska Statutes. Title 41. Public Resources Chapter 41. Alaska Natural Gas Development Authority Section 340. Validity of Pledge.

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AS 41.41.340. Validity of Pledge.

(a) The pledge of assets or revenue of the authority to the payment of the principal of or interest on an obligation of the authority is valid and binding from the time the pledge is made, and the assets or revenue become immediately subject to the lien of the pledge without physical delivery or further act. The lien of a pledge is valid and binding against all parties having claims in tort, contract, or otherwise against the authority, irrespective of whether those parties have notice of the lien of the pledge.
(b) This section does not prohibit the authority from selling assets subject to a pledge, except that a sale may be restricted by the trust agreement or resolution providing for the issuance of the obligations.

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