§ 9-111. Law governing creation, attachment and enforcement of security interests; characterizations; and certain other rights.
146 words·~1 min read·
/de/title-6/chapter-9/9-111A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Law governing classification of collateral and creation, attachment and enforcement of security interests. — If a security agreement is governed by the Laws of the State of Delaware, then those Laws shall govern, among other things:
(1)The classification of the collateral subject to that agreement; and
(2)The creation, attachment, validity and enforcement of the security interest.
(b)Law governing characterization of certain transactions. — If an agreement is governed by the Laws of the State of Delaware, then those Laws shall govern, among other things:
(1)The characterization of a transaction subject to that agreement as
(A)an interest in personal property or fixtures that secures payment or performance of an obligation, or
(B)a sale, lease, bailment or consignment; and
(2)The characterization of a transaction subject to that agreement as a securitization transaction for purposes of Chapter 27A of this title.