Delaware General Assembly

Signed 3/27/02

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

SB 306

3/19/02

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 Act makes clear that an interest in a trust is within such list of exemptions and was not intended to be within Sections 9-406 and 9-408 of the revised Delaware Uniform Commercial Code. The intent of the Act is to assure that Article 9 of the revised Delaware Uniform Commercial Code does not alter longstanding Delaware law upholding anti-assignment restrictions with respect to trusts.

N/A

N/A

N/A

N/A

View HTML View PDF