A tax lagoon may secure the payment of any loan made to it by entering on the tax warrant provided for in § 4351(5) of this title a statement setting forth the fact that the taxes shown on the tax warrants have been pledged to secure the payment of a certain designated loan, and if a loan is so secured, by reciting the amount and terms of the loan and from whom it is being obtained, and by directing the receiver of taxes and county treasurer to pay any such taxes collected directly to the creditor until the loan is repaid. Such warrant may not be withdrawn and may not be altered or cancelled without the written consent of the creditor until the loan is repaid.
73 Del. Laws, c. 389, § 1; 70 Del. Laws, c. 186, § 1.
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