MORTGAGING OF LEASEHOLD INTERESTS AN ACT AMENDING ARTICLE IV OF CHAPTER 92 OF THE REVISED CODE OF DELAWARE BY PROVIDING FOR THE MORTGAGING OF LEASEHOLD INTERESTS AND REMEDIES FOR THE ENFORCEMENT OF MORTGAGES.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. It is hereby declared to be lawful for any lessee, for a term of ninety-nine years or more, of any lands or premises, to mortgage his or her lease or term in the demised premises, with all buildings, fixtures and machinery thereon, to the lessee belonging and thereunto appurtenant, with the same effect as to the lessee's interest and title, as in the case of the mortgaging of a freehold interest and title, as to lien, notice, evidence and priority of payment: Provided, that the mortgage be in like manner acknowledged and placed of record in the proper county, together with the lease. Such mortgage shall in no wise interfere with the landlord's rights, priority, or remedy for rent writs of scire facias on 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 March 29, 1934.