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DE HB256

Bill

Official Source

Status

Passed

7/23/2010

Primary Sponsor

Bryon Short

Click for details

Origin

House of Representatives

145th General Assembly

AI Summary

  • Amends Delaware Code Title 25, Section 2501 to clarify the 10-year lease requirement for mortgaging leasehold interests
  • Establishes that a lease qualifies as a 10-year or longer term if the original stated term when entered into was 10 years or more, regardless of how much time remains unexpired at the time of mortgaging
  • Excludes renewals and extensions from the calculation of the original lease term
  • Codifies existing Delaware custom and practice to provide certainty in leasehold mortgage transactions
  • Takes effect upon enactment

Legislative Description

An Act To Amend Title 25 Of The Delaware Code Relating To Giving Certainity To The Mortgaging Of Leasehold Interests.

Last Action

Signed by Governor

7/23/2010

Committee Referrals

Banking6/8/2010
Economic Development/Banking/Insurance/Commerce6/22/2009

Full Bill Text

No bill text available