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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 9. PUBLIC SECURITIES |
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Subtitle A. GENERAL PROVISIONS |
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Chapter 1201. PUBLIC SECURITY PROCEDURES ACT |
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Subchapter C. FINANCIAL ASPECTS OF PUBLIC SECURITY |
Sec. 1201.044. PLEDGE OR LIEN ON RESOURCES, ASSETS, OR FUND OF ISSUER
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(a) A pledge or lien provided for in a public security authorization on a resource of an issuer, including revenue or income, on an asset of an issuer, or on a fund maintained by an issuer:
(1) is valid without further action by the issuer according to its terms and without being filed or recorded, except in the records of the issuer;
(2) is effective from the time of payment for and delivery of the public security until the public security is paid or payment of the public security has been provided for; and
(3) is effective as to an item on hand or later received, and the item is subject to the lien or pledge without physical delivery of the item or other act.
(b) This section does not exempt an issuer from a duty to:
(1) record a lien on real property; or
(2) submit a public security to the attorney general for approval and registration by the comptroller.