AN ACT TO AMEND CHAPTER 23, TITLE 21, DELAWARE CODE, RELATING TO TITLE AND LIENS OF MOTOR VEHICLES.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Title 21, Delaware Code, is amended by adding thereto a new section to read:
§ 2332 A. Uniform Commercial Code filing requirements not applicable when there is compliance with this subchapter
In accordance with subsection 9-302 (3) and 9-302 (4) title 5A (Uniform Commercial Code) , where a lien is required to be filed and noted on a certificate of title pursuant to this subchapter, no additional filing shall be required under Article 9, title 5A (Uniform Commercial Code).
Section 2. Title 21, Delaware Code, is amended by adding thereto a new section to read:
§ 2332 B. Uniform Commercial Code requirements applicable to security interest in inventory of motor vehicles
This subchapter does not apply to the creation or perfection of a security interest in a motor vehicle held by the debtor as inventory held for sale. The validity and effect of such security interest shall be governed by the applicable provisions of Article 9, title 5A (Uniform Commercial Code) .
Section 3. The provisions of this Act shall become effective on June 30, 1967, at midnight.
Approved May 25, 1967.