CHAPTER 316

FORMERLY

HOUSE SUBSTITUTE NO. 1

TO

HOUSE BILL NO. 376

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 54, TITLE 30, DELAWARE CODE, TO EXEMPT FROM REALTY TRANSFER TAX TRANSFERS IN CONNECTION WITH, OR IN LIEU OF, THE FORECLOSURE OF CERTAIN MORTGAGES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Section 5401 (p) of Chapter 54, Title 30, Delaware Code, by striking subsection (p) thereof in its entirety and substituting a new subsection (p) to read as follows:

"(p) Any conveyance to the lender holding a bona fide mortgage, which is genuinely in default, either by a sheriff conducting a foreclosure sale, or by the mortgagor in lieu of foreclosure;"

Section 2. Amend Section 5404, Chapter 54, Title 30, Delaware Code, by striking the "." at the end thereof and adding the following:

"; provided, that if prior to delivery of the deed pursuant to the said sale, the purchaser shall deliver to the sheriff, an affidavit as described in Section 5409 of this Title that the transfer is exempt from tax under Subsection P of Subdivision (1) of Section 5401 of this Title, the sheriff shall not pay the tax, but shall deliver the affidavit to the Recorder of Deeds as agent for the Department of Finance."

Section 3. Amend Section 5409, Chapter 54, Title 30, Delaware Code, by striking the "." at the end thereof and adding the following:

"; provided, that in the case of a transaction exempt from tax under Subsection P of Subdivision (1) of Section 5401 of this Title, the affidavit shall be made by the Grantee."

Approved July 8, 1980