Lien on certain moneys pledged for bonds
- • terms of lien
If moneys under ORS 367.605 (Source of funds to secure Highway User Tax Bonds) are pledged for purposes of bonds by indenture under ORS 367.640 (Indenture), a lien is established upon the moneys. A lien established by this section is subject to all of the following:
(1) The lien is a first lien and security interest and prior charge upon the pledged moneys except to the extent provided otherwise by the indenture.
(2) The lien is valid and binding from the time the pledge is made.
(3) The pledged moneys are immediately subject to the lien without physical delivery or further act.
(4) The lien is valid and binding against all parties having claims on the money of any kind including claims under tort or contract.
(5) The lien is valid and binding against all parties irrespective of whether the parties have notice of the lien.
(6) No bond, indenture or any other instrument by which the pledge is made or the lien created must be recorded or filed except as provided by the indenture under ORS 367.640 (Indenture). [1985 c.551 §11; 2003 c.201 §30]
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