Delaware Code Title 12 Sec. 1109 – Lease, retention or sale of real property
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If, after hearing under this subchapter, the Court finds that real property has escheated to the State, the Escheator, subject to the approval of the Governor, may lease such property upon a reasonable rent therefor, or retain such property for the benefit and use of the State. If the real property is not leased or retained, the Escheator shall sell such property, at public auction, upon like public notice as required by law for the sale of lands under execution process.
Code 1852, § ?1597; Code 1915, § ?133; Code 1935, § ?122; 12 Del. C. 1953, § ?1110; 60 Del. Laws, c. 292, § ?1;
Terms Used In Delaware Code Title 12 Sec. 1109
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means tangible property described in § 1134 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See Delaware Code Title 12 Sec. 1130
- real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 1130