Delaware General Assembly


CHAPTER 216 - MORTGAGING OF LEASEHOLD INTERESTS

AN ACT AMENDING CHAPTER 36, VOLUME 39, LAWS OF DELAWARE, RELATING TO THE MORTGAGING OF LEASEHOLD INTERESTS.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

That Chapter 36, Volume 39, Laws of Delaware, be and the same is hereby amended by striking out same and inserting in lieu thereof the following:

Section 1. It is hereby declared to be lawful for any lessee for a term of ten years or more of any lands or premises situate in the State of Delaware to mortgage his or her lease or term in the demised premises, with all buildings, fixtures and machinery thereon belonging to the lessee and appurtenant to his interests, with the same effect as to lien, notice, evidence and priority of payment as to the lessee's interest and title as in the case of the mortgaging of a freehold interest and title; provided that the mortgage of such term of the lessee be in like manner acknowledged, recorded in the proper county, and indexed in the same manner as required by law for the acknowledging, recording, and indexing of mortgages covering freehold interests and titles. Such mortgage shall in no manner or in any wise interfere with the landlord's rights, priority or remedy for rent. Writs of scire facias for the enforcement of the lien of such mortgages may be sued out as in other cases. In all cases of mortgages upon leasehold estates, the mortgagees shall have the same remedies for collection thereof which mortgagees of fee simple interests in real estate have under the laws of this State for the collection of such mortgages. All proceedings heretofore instituted for the recovery of moneys secured by mortgages upon leasehold estates, in the manner provided by law for the recovery of moneys secured by mortgage upon real estate, be and the same are hereby declared valid.

Approved April 15, 1935.