AN ACT AUTHORIZING AND EMPOWERING ANY PERSON, PARTNERSHIP, ASSOCIATION OR CORPORATION, DOMESTIC AND/OR FOREIGN, TO MAKE LOANS ON OYSTER BEDS OR GROUNDS IN THE DELAWARE BAY AND TO HOLD A MORTGAGE AGAINST OR AN ASSIGNMENT OF SAID BEDS OR GROUNDS AS SECURITY FOR SAID LOANS.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That on and after the passage and signing of this Act, it shall be lawful for any person, partnership, association or corporation holding or occupying oyster grounds on lease from the State of Delaware, to mortgage or assign his, her or its interest in said oyster grounds to any person, partnership, association or corporation, domestic and/or foreign, regardless of the amount of acreage involved, for the purpose of securing any loan or advances made in the past or to be made in the future by said person, partnership, association, corporation, domestic and/or foreign.
Section 2. The possession and title of any person, firm or corporation, who or which at the time of the approval of this Act had possession for planting and propagating oysters of any portion of the Delaware Bay within the jurisdiction of the State of Delaware, is hereby confirmed and made valid provided the person, firm or corporation at the time of the approval of this Act has paid in full the rent on said oyster grounds and any license fee due the State of Delaware relating thereto, and provided further, however, that this Act shall in no other respect be deemed to grant any greater interest or estate in any way of the said bottom than that now authorized under existing laws.
Section 3. Any acts or parts of acts inconsistent with the provisions of this Act are hereby repealed insofar as such inconsistency does occur.
Approved April 17, 1939.