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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>374838</law_id><section_number>62.1-210</section_number><catch_line>Pledge by Authority</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="132" identifier="62.1">Waters of the State, Ports and Harbors</unit><unit label="chapter" level="2" order_by="38" identifier="21">Virginia Resources Authority</unit></structure><text>
						<section><p>Any pledge made by the <span class="dictionary">Authority</span> shall be valid and binding from the time when the pledge is made. The revenue, money or property so pledged and thereafter received by the <span class="dictionary">Authority</span> shall immediately be subject to the <span class="dictionary">lien</span> of such a pledge without any physical delivery thereof or further act. Furthermore, the <span class="dictionary">lien</span> of any such pledge shall be valid and binding as against all parties having claims of any kind in <span class="dictionary">tort</span>, <span class="dictionary">contract</span> or otherwise against the <span class="dictionary">Authority</span>, irrespective of whether the parties have notice of the pledge. No recording or filing of the resolution authorizing the issuance of <span class="dictionary"><span class="dictionary">bonds</span></span> or <span class="dictionary">credit enhancements</span>, the trust indenture securing <span class="dictionary"><span class="dictionary">bonds</span></span> or any other instrument, including filings under Title 8.9A (&#xA7;&#xA0;<a class="law" title="Short title" href="/8.9A-101/">8.9A-101</a> et seq.) of the Uniform Commercial Code of Virginia, shall be necessary to create or perfect any pledge or security interest granted by the <span class="dictionary">Authority</span> to secure any <span class="dictionary"><span class="dictionary">bonds</span></span> or <span class="dictionary">credit enhancements</span>.</p></section></text><history>1984, c. 699; 1998, c. 399.</history><metadata></metadata></law>
