Delaware § 2501 Authorization and effect

Delaware Statutes

§ 2501 — Authorization and effect

Delaware § 2501

Title25

PartMortgages and Other Liens

Ch. 25MORTGAGING OF LEASEHOLD INTERESTS

This text of Delaware § 2501 (Authorization and effect) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 25, § 2501 (2026).

Text

(a)It shall be lawful for any lessee of any lands or premises situate in this State for a term of 10 years or more to mortgage that lessee’s lease or term in the demised premises with all buildings, fixtures and machinery thereon belonging to the lessee and appurtenant to that lessee’s 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. The mortgage of such term of the lessee shall 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

Free access — add to your briefcase to read the full text and ask questions with AI

(a) It shall be lawful for any lessee of any lands or premises situate in this State for a term of 10 years or more to mortgage that lessee’s lease or term in the demised premises with all buildings, fixtures and machinery thereon belonging to the lessee and appurtenant to that lessee’s 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. The mortgage of such term of the lessee shall 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.

(b) For purposes of this section, a lease or term of years shall be considered to be for a term of 10 years or more, if at the time of entering into the lease or term of years that is to be mortgaged, the stated term of the lease or term of years shall have been for 10 years or more (not including any renewals or extensions that may be provided for under that lease or term of years), and notwithstanding that the unexpired term of the lease or the term of years at the time of mortgaging the same is less than 10 years.

Legislative History

39 Del. Laws, c. 36 ; 40 Del. Laws, c. 216 ; Code 1935, § 3386; 25 Del. C. 1953, § 2501; 70 Del. Laws, c. 186, § 1 ; 77 Del. Laws, c. 422, § 1

View on official source ↗

Cite This Page — Counsel Stack

Bluebook (online)

Delaware § 2501, Counsel Stack Legal Research, https://law.counselstack.com/statute/de/25/2501.