Delaware General Assembly

Lieu/Substituted 3/19/02

The General Assembly has ended, the current status is the final status.

SS 1 for SB 306

3/14/02

Adams

Sen. Sharp, Sokola, Sorenson
Reps. Spence, Carey, D. Ennis, Fallon, Hudson, Miro, Valihura, Gilligan, Houghton, Mulrooney

AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO SECURED TRANSACTIONS.

Sections 9-406 and 9-408 of the revised Delaware Uniform Commercial Code provide, among other things, that certain restrictions on transfers or assignments of specified contract rights are invalid, except as reflected in a list of exemptions. This Amendment expressly recognizes that an interest in a trust is within such list of exemptions, correcting an inadvertent and unintended omission in the July 1, 2001 revision. The intent is to assure that Article 9 of the Delaware Uniform Commercial Code does not alter longstanding Delaware law upholding anti-assignment restrictions with respect to trusts.

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