Delaware Code Title 31 Sec. 4535 – Property of authority exempt from taxes, from levy and sale by virtue …
(a) All property including funds of an authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall judgment against an authority be a charge or lien upon its property. The provisions of this section shall not apply to or limit the right of obligees to foreclose or otherwise enforce any mortgage of an authority or the right of obligees to pursue any remedies for the enforcement of any pledge or lien given by an authority on its rents, fees, grants or revenues.
Terms Used In Delaware Code Title 31 Sec. 4535
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Municipality: means any incorporated city or town in this State. See Delaware Code Title 31 Sec. 4501
- Redeveloper: means any person, partnership, or public or private corporation or agency which enters or proposes to enter into a redevelopment contract. See Delaware Code Title 31 Sec. 4501
- Redevelopment project: means any work or undertaking to:
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) The property of an authority is declared to be public property used for essential public and governmental purposes and such property and an authority shall be exempt from all taxes of the municipality, the county, the State or any political subdivision thereof. With respect to any property in a redevelopment project, the tax exemption provided in this section shall terminate when the authority sells, leases or otherwise disposes of such property to a redeveloper for redevelopment.
48 Del. Laws, c. 345, § ?15; 31 Del. C. 1953, § ?4535;