Home/Delaware/Statutes/Title: 8/Ch. 5: CORPORATION FRANCHISE TAX/§ 507
Delaware Statutes

§ 507 — Collection of tax; preferred debt

Delaware·Title 8·Ch. 5 CORPORATION FRANCHISE TAX
The franchise tax shall be a debt due from the corporation to the State, for which an action at law may be maintained after the same shall have been in arrears for a period of 1 month. The tax shall also be a preferred debt in case of insolvency.

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Legislative History

21 Del. Laws, c. 166, § 6 ; 22 Del. Laws, c. 15, § 6 ; Code 1915, § 107; 36 Del. Laws, c. 6, § 5 ; Code 1935, § 100; 8 Del. C. 1953, § 507; 55 Del. Laws, c. 90, § 1 ; 58 Del. Laws, c. 450, § 5

Nearby Sections

9
§ 501
Corporations subject to and exempt from franchise tax
§ 502
Annual franchise tax report; contents; failure to file and pay tax; duties of Secretary of State
§ 503
Rates and computation of franchise tax
§ 504
Collection and disposition of tax; tentative return and tax; penalty interest; investigation of annual franchise tax report; notice of additional tax due
§ 505
Review and refund; jurisdiction and power of the Secretary of State; appeal
§ 506
Fund for payment of refunds
§ 507
Collection of tax; preferred debt
§ 508
Injunction against exercise of franchise or transacting business
§ 509
Further remedy in Court of Chancery; appointment of receiver or trustee; sale of property
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