A revolving credit plan between a bank and an individual borrower shall be governed by the laws of this State.

66 Del. Laws, c. 283, § ?22;

Terms Used In Delaware Code Title 5 Sec. 956

  • Bank: means any bank or bank and trust company organized under this title or any other law or laws of this State, any depository institution organized under the authority of the United States and having its principal place of business in this State and any foreign bank agency. See Delaware Code Title 5 Sec. 941
  • Borrower: means any corporation, partnership, association, government or governmental subdivision or agency, trust, individual or other entity. See Delaware Code Title 5 Sec. 941
  • plan: means a plan contemplating the extension of credit under an account governed by an agreement between a bank and a borrower pursuant to which:

    a. See Delaware Code Title 5 Sec. 941

  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • 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