Every religious corporation may take and hold by gift, devise, will, deed or lease real estate or moneys, securities or other things of value to be laid out in real estate and personal property of all kinds and may alien, mortgage or otherwise encumber and dispose of the same at pleasure, unless restricted by the provisions of such gift, devise, will, deed or lease.

26 Del. Laws, c. 89, § ?11; Code 1915, § ?2174; 29 Del. Laws, c. 167; Code 1935, § ?2481; 27 Del. C. 1953, § ?110;

Terms Used In Delaware Code Title 27 Sec. 110

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property 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.
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