Validity of Pledge

Any pledge made by the Housing Corporation shall be valid and binding from the time the pledge is made. The revenues or other property pledged and thereafter received by the Housing Corporation shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act. The lien of any pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the Housing Corporation, irrespective of whether such parties have notice thereof. Neither the resolution, the indenture nor any other instrument by which a pledge is created need be recorded.