AN ACT TO AMEND TITLE 25 OF THE DELAWARE CODE RELATING TO MORTGAGES.
Summary
This Act amends the Real Estate Code to modernize the definition of purchase money mortgage under Delaware law to include lenders other than the seller of the mortgaged property who provide financing to purchase the property. Additionally, this Act extends the time period to record a purchase money mortgage from 5 days to 10 days and explicitly subordinates a mechanic’s lien under Chapter 27 of Title 25 to a purchase money mortgage. Finally, this Act makes technical corrections to conform existing language to the standards of the Delaware Legislative Drafting Manual. Specifically, the existing language of § 2108 of Title 25 is redrafted in § 2018(c) and (d) in this Act.
Bill status
signed
all 5 stages cleared
Introduction
Jun 2020
Committee Review
Senate Passage
Jun 2020
House Passage
Jun 2020
Signed into Law
Sep 2020
Introduced Jun 12, 2020
Signed Sep 28, 2020
Floor votes · House Jun 25, 2020
How they voted
This bill passed the Senate by voice vote (no roll call recorded).
Full legislative history
Actions timeline
Total actions
7
Key actions
3
Committee
0
Sep 28, 2020
Signed into law
Signed by Governor
executive
Jun 25, 2020
Lower · Passed
Passed By House. Votes: 41 YES
lower
Jun 23, 2020
Introduced
Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
lower
Jun 23, 2020
Upper · Passed
Passed By Senate. Votes: 21 YES
upper
Jun 12, 2020
Introduced
Introduced and Laid on Table in Senate
upper
1 primary · 9 co-sponsors
Sponsors
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