Del. Code tit. 25 § 2101

Current through 2024 Legislative Session Act Chapter 531

Section 2101 - Form of mortgage; effect [for application of section, see 80 del. laws, c. 280, Section 2]

(a) The following shall be a sufficient form of mortgage for the purpose of creating a lien on real estate within this State:

WHEREAS, A. D. of, hereinafter called party of the first part, in and by the party of the first part's certain obligation duly executed, bearing even date herewith, stands bound unto C. D. of in the sum of Dollars, payable together with interest thereon, at the rate of per centum per annum, payable, from the date thereof, together with costs and counsel fees, under the terms and conditions therein expressed.

NOW THIS MORTGAGE WITNESSETH, that the said party of the first part for

and in consideration of the aforesaid debt of............... . Dollars, and

for the better securing the payment of the same, with interest, as aforesaid

and costs and counsel fees, doth hereby grant and convey unto the said party

of the second part,

And it is hereby expressly provided and agreed that if any action, suit,

matter or proceeding be brought for the enforcement of this mortgage or the

accompanying bond, and if the plaintiff or lien holder in said action, suit or

proceeding shall recover judgment in any sum, such plaintiff or lien holder

shall also recover as reasonable counsel fees............... . per centum of

the amount decreed for principal and interest, which said counsel fees shall

be entered, allowed and paid as a part of the decree or judgment in said

action, suit or proceeding.

Provided Always, Nevertheless, that if the said party of the first part, the said party of the first part's

Heirs, Executors, Administrators or Assigns, shall and do well and truly pay,

or cause to be paid, unto the said party of the second part, the said party of the second part's Executors,

Administrators or Assigns, the aforesaid debt of............... . dollars on

the day and time hereinbefore mentioned and appointed for the payment thereof

with interest, then and from henceforth, as well this present Indenture, and

the estate hereby granted, as the said recited Obligation, shall cease,

determine and become void and of no effect, anything hereinbefore contained to

the contrary thereof, in anywise notwithstanding.

In Witness Whereof, the said party of the first part has hereunto set the

party of the first part's hand and seal this................ day of................................ A.D.........................

Sealed and delivered in

the presence of

..................... ................ (Seal)

(b) A mortgage in the above form duly executed, acknowledged and recorded shall operate and be effective as a valid mortgage lien upon the entire interest of the mortgagors in the premises therein described, and irrespective of whether the mortgage is under seal, it may be foreclosed in the Superior Court pursuant to Chapter 49, Title 10 of the Delaware Code.

(c) Nothing herein contained shall invalidate a mortgage not made in the above form, but a mortgage made in the form heretofore in common use within this State shall be valid and effectual.

25 Del. C. § 2101

Amended by Laws 2023, ch. 42,s 93, eff. 5/31/2023.

Amended by Laws 2015, ch. 280,s 1, eff. 6/28/2016.

33 Del. Laws, c. 209; Code 1935, § 3688; 25 Del. C. 1953, § 2101; 70 Del. Laws, c. 186, § 1.;