US Laws, Codes, Statutes & Cases

§ 2501. Authorization and effect.

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 his lease or term in the demised premises with all buildings, fixtures and machinery thereon belonging to the lessee and appurtenant to his 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. (39 Del. Laws, c. 36; 40 Del. Laws, c. 216; Code 1935, § 3386; 25 Del. C. 1953, § 2501.)