Delaware Code Title 24 Sec. 2805 – Ownership and use of property
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The Association may purchase, acquire, or receive by gift or bequest for the purposes of the Association and furtherance of its objectives, but for no other purposes or objectives, any real or personal property, and may sell, mortgage, lease, or otherwise dispose of any said property.
24 Del. C. 1953, § ?2805; 58 Del. Laws, c. 501, § ?1; 74 Del. Laws, c. 267, § ?1;
Terms Used In Delaware Code Title 24 Sec. 2805
- Association: shall mean the Delaware Association of Professional Engineers. See Delaware Code Title 24 Sec. 2803
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.