reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 4. Registration › § 8-402. Assurance that endorsement or instruction is effective.

§§ 8-402. Assurance that endorsement or instruction is effective.
(a) An issuer may require the following assurance that each necessary endorsement or each instruction is genuine and authorized:
(1) in all cases, a guaranty of the signature of the person making an endorsement or originating an instruction including, in the case of an instruction, reasonable assurance of identity;
(2) if the endorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign;
(3) if the endorsement is made or the instruction is originated by a fiduciary pursuant to Section 8-107(a)(4) or (a)(5), appropriate evidence of appointment or incumbency;
(4) if there is more than one fiduciary, reasonable assurance that all who are required to sign have done so; and
(5) if the endorsement is made or the instruction is originated by a person not covered by another provision of this subsection, assurance appropriate to the case corresponding as nearly as may be to the provisions of this subsection.
(b) An issuer may elect to require reasonable assurance beyond that specified in this section.
(c) In this section:
(1) “Guaranty of the signature” means a guaranty signed by or on behalf of a person reasonably believed by the issuer to be responsible. An issuer may adopt standards with respect to responsibility if they are not manifestly unreasonable.
(2) “Appropriate evidence of appointment or incumbency” means:
(i) in the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of the court or an officer thereof and dated within 60 days before the date of presentation for transfer; or
(ii) in any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by an issuer to be responsible or, in the absence of that document or certificate, other evidence the issuer reasonably considered appropriate.
5A Del. C. 1953, §§  8-402;  55 Del. Laws, c. 349;  64 Del. Laws, c. 152, §  6;  71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 4. Registration › § 8-403. Demand that issuer not register transfer.

§§ 8-403. Demand that issuer not register transfer.
(a) A person who is an appropriate person to make an endorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which the security is a part and provides an address for communications directed to the person making the demand. The demand is effective only if it is received by the issuer at a time and in a manner affording the issuer reasonable opportunity to act on it.
(b) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security after a demand that the issuer not register transfer has become effective, the issuer shall promptly communicate to (i) the person who initiated the demand at the address provided in the demand and (ii) the person who presented the security for registration of transfer or initiated the instruction requesting registration of transfer a notification stating that:
(1) the certificated security has been presented for registration of transfer or instruction for registration of transfer of uncertificated security has been received;
(2) a demand that the issuer not register transfer had previously been received; and
(3) the issuer will withhold registration of transfer for a period of time stated in the notification in order to provide the person who initiated the demand an opportunity to obtain legal process or an indemnity bond.
(c) The period described in subsection (b)(3) may not exceed 30 days after the date of communication of the notification. A shorter period may be specified by the issuer if it is not manifestly unreasonable.
(d) An issuer is not liable to a person who initiated a demand that the issuer not register transfer for any loss the person suffers as a result of registration of a transfer pursuant to an effective endorsement or instruction if the person who initiated the demand does not, within the time stated in the issuer's communication, either:
(1) obtain an appropriate restraining order, injunction, or other process from a court of competent jurisdiction enjoining the issuer from registering the transfer; or
(2) file with the issuer an indemnity bond, sufficient in the issuer's judgment to protect the issuer and any transfer agent, registrar, or other agent of the issuer involved from any loss it or they may suffer by refusing to register the transfer.
(e) This section does not relieve an issuer from liability for registering transfer pursuant to an endorsement or instruction that was not effective.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 4. Registration › § 8-404. Wrongful registration.

§§ 8-404. Wrongful registration.
(a) Except as otherwise provided in Section 8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered:
(1) pursuant to an ineffective endorsement or instruction;
(2) after a demand that the issuer not register transfer became effective under Section 8-403(a) and the issuer did not comply with Section 8-403(b);
(3) after the issuer had been served with an injunction, restraining order, or other legal process enjoining it from registering the transfer, issued by a court of competent jurisdiction, and the issuer had a reasonable opportunity to act on the injunction, restraining order, or other legal process; or
(4) by an issuer acting in collusion with the wrongdoer.
(b) An issuer that is liable for wrongful registration of transfer under subsection (a) on demand shall provide the person entitled to the security with a like certificated or uncertificated security, and any payments or distributions that the person did not receive as a result of the wrongful registration. If an overissue would result, the issuer's liability to provide the person with a like security is governed by Section 8-210.
(c) Except as otherwise provided in subsection (a) or in a law relating to the collection of taxes, an issuer is not liable to an owner or other person suffering loss as a result of the registration of a transfer of a security if registration was made pursuant to an effective endorsement or instruction.
5A Del. C. 1953, §§  8-311;  55 Del. Laws, c. 349;  64 Del. Laws, c. 152, §  6;  71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 4. Registration › § 8-405. Replacement of lost, destroyed, or wrongfully taken security certificate.

§§ 8-405. Replacement of lost, destroyed, or wrongfully taken security certificate.
(a) If an owner of a certificated security, whether in registered or bearer form, claims that the certificate has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificate if the owner:
(1) so requests before the issuer has notice that the certificate has been acquired by a protected purchaser;
(2) files with the issuer a sufficient indemnity bond; and
(3) satisfies other reasonable requirements imposed by the issuer.
(b) If, after the issue of a new security certificate, a protected purchaser of the original certificate presents it for registration of transfer, the issuer shall register the transfer unless an overissue would result. In that case, the issuer's liability is governed by Section 8-210. In addition to any rights on the indemnity bond, an issuer may recover the new certificate from a person to whom it was issued or any person taking under that person, except a protected purchaser.
5A Del. C. 1953, §§  8-405;  55 Del. Laws, c. 349;  64 Del. Laws, c. 152, §  6;  71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 4. Registration › § 8-406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate.

§§ 8-406. Obligation to notify issuer of lost, destroyed, or wrongfully taken security certificate.
If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a claim for registering the transfer under Section 8-404 or a claim to a new security certificate under Section 8-405.
5A Del. C. 1953, §§  8-405;  55 Del. Laws, c. 349;  64 Del. Laws, c. 152, §  6;  71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 4. Registration › § 8-407. Authenticating trustee, transfer agent, and registrar.

§§ 8-407. Authenticating trustee, transfer agent, and registrar.
A person acting as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of a transfer of its securities, in the issue of new security certificates or uncertificated securities, or in the cancellation of surrendered security certificates has the same obligation to the holder or owner of a certificated or uncertificated security with regard to the particular functions performed as the issuer has in regard to those functions.
5A Del. C. 1953, §§  8-208;  55 Del. Laws, c. 349;  64 Del. Laws, c. 152, §  6;  71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-501. Securities account; acquisition of security entitlement from securities intermediary.

§§ 8-501. Securities account; acquisition of security entitlement from securities intermediary.
(a) “Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.
(b) Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary:
(1) indicates by book entry that a financial asset has been credited to the person's securities account;
(2) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or
(3) becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.
(c) If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.
(d) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.
(e) Issuance of a security is not establishment of a security entitlement.
71 Del. Laws, c. 75, §  1;  72 Del. Laws, c. 30, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-502. Assertion of adverse claim against entitlement holder.

§§ 8-502. Assertion of adverse claim against entitlement holder.
An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under Section 8-501 for value and without notice of the adverse claim.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-503. Property interest of entitlement holder in financial asset held by securities intermediary.

§§ 8-503. Property interest of entitlement holder in financial asset held by securities intermediary.
(a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holders, are not property of the securities intermediary, and are not subject to claims of creditors of the securities intermediary, except as otherwise provided in Section 8-511.
(b) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) is a pro rata property interest in all interests in that financial asset held by the securities intermediary, without regard to the time the entitlement holder acquired the security entitlement or the time the securities intermediary acquired the interest in that financial asset.
(c) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against the securities intermediary only by exercise of the entitlement holder's rights under Sections 8-505 through 8-508.
(d) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against a purchaser of the financial asset or interest therein only if:
(1) insolvency proceedings have been initiated by or against the securities intermediary;
(2) the securities intermediary does not have sufficient interests in the financial asset to satisfy the security entitlements of all of its entitlement holders to that financial asset;
(3) the securities intermediary violated its obligations under Section 8-504 by transferring the financial asset or interest therein to the purchaser; and
(4) the purchaser is not protected under subsection (e).
The trustee or other liquidator, acting on behalf of all entitlement holders having security entitlements with respect to a particular financial asset, may recover the financial asset, or interest therein, from the purchaser. If the trustee or other liquidator elects not to pursue that right, an entitlement holder whose security entitlement remains unsatisfied has the right to recover its interest in the financial asset from the purchaser.
(e) An action based on the entitlement holder's property interest with respect to a particular financial asset under subsection (a), whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against any purchaser of a financial asset or interest therein who gives value, obtains control, and does not act in collusion with the securities intermediary in violating the securities intermediary's obligations under Section 8-504.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-504. Duty of securities intermediary to maintain financial asset.

§§ 8-504. Duty of securities intermediary to maintain financial asset.
(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through one or more other securities intermediaries.
(b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (a).
(c) A securities intermediary satisfies the duty in subsection (a) if:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.
(d) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-505. Duty of securities intermediary with respect to payments and distributions.

§§ 8-505. Duty of securities intermediary with respect to payments and distributions.
(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.
(b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder.

§§ 8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder.
A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) in the absence of agreement, the securities intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-507. Duty of securities intermediary to comply with entitlement order.

§§ 8-507. Duty of securities intermediary to comply with entitlement order.
(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to comply with the entitlement order.
(b) If a securities intermediary transfers a financial asset pursuant to an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it, and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding.

§§ 8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding.
A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if:
(1) the securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or
(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-509. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.

§§ 8-509. Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.
(a) If the substance of a duty imposed upon a securities intermediary by Sections 8-504 through 8-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.
(b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.
(c) The obligation of a securities intermediary to perform the duties imposed by Sections 8-504 through 8-508 is subject to:
(1) rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and
(2) rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.
(d) Sections 8-504 through 8-508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-510. Rights of purchaser of security entitlement from entitlement holder.

§§ 8-510. Rights of purchaser of security entitlement from entitlement holder.
(a) In a case not covered by the priority rules in Article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.
(b) If an adverse claim could not have been asserted against an entitlement holder under Section 8-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.
(c) In a case not covered by the priority rules in Article 9, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (d), purchasers who have control rank according to priority in time of:
(1) the purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under Section 8-106(d)(1);
(2) the securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under Section 8-106(d)(2); or
(3) if the purchaser obtained control through another person under Section 8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.
(d) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.
71 Del. Laws, c. 75, §  1;  72 Del. Laws, c. 401, §  24;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 5. Security Entitlements › § 8-511. Priority among security interests and entitlement holders.

§§ 8-511. Priority among security interests and entitlement holders.
(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.
(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 8. Investment Securities › Part 6. Transition Provisions › § 8-602. Savings clause.

§§ 8-602. Savings clause.
(a) This Act does not affect an action or proceeding commenced before this Act takes effect.
(b) If a security interest in a security is perfected at the date this Act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this Act, no further action is required to continue perfection. Except to the extent otherwise provided or permitted by subsection (d) hereof, if a security interest in a security is perfected at the date this Act takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this Act, the security interest remains perfected for a period of one year after the effective date and continues perfected thereafter if appropriate action to perfect under this Act or otherwise under the Uniform Commercial Code is taken within that period. If a security interest is perfected at the date this Act takes effect and the security interest can be perfected by filing under this Act, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.
(c) Prior to the effective date of this Act, uncertificated interests in general and limited partnerships were not deemed to be securities subject to Article 8 of the Uniform Commercial Code. Security interests with respect to uncertificated interests in general and limited partnerships that are perfected when this Act becomes effective shall remain perfected until they lapse as provided in Article 9 of the Uniform Commercial Code and may be continued as permitted by Article 9 of the Uniform Commercial Code. For such uncertificated interests in general and limited partnerships, Article 9 of the Uniform Commercial Code in effect immediately prior to the effective date of this Act shall apply to any questions of priority if the positions of the parties were fixed prior to the effective date of this Act.
(d) If a security interest is perfected with respect to certificated securities under Article 8 of the Uniform Commercial Code prior to the effective date of this Act, and if the filing of a financing statement would be required for the perfection of the security interest after the effective date of this Act, the security interest remains perfected for a period of three years after the effective date of this Act and continues perfected thereafter if appropriate action to perfect under this Act or otherwise under the Uniform Commercial Code is taken within that period.
71 Del. Laws, c. 75, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-105A. Control of electronic money.

§§ 9-105A. Control of electronic money.
(a) General rule:
control of electronic money. —
A person has control of electronic money if:
(1) the electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person:
(A) power to avail itself of substantially all the benefit from the electronic money; and
(B) exclusive power, subject to subsection (b), to:
(i) prevent others from availing themselves of substantially all the benefit from the electronic money; and
(ii) transfer control of the electronic money to another person or cause another person to obtain control of other electronic money as a result of the transfer of the electronic money; and
(2) the electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded enables the person readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as having the powers under paragraph (1).
(b) Meaning of exclusive. —
Subject to subsection (c), a power is exclusive under subsection (a)(1)(B)(i) and (ii) even if:
(1) the electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded limits the use of the electronic money or has a protocol programmed to cause a change, including a transfer or loss of control; or
(2) the power is shared with another person.
(c) When power not shared with another person. —
A power of a person is not shared with another person under subsection (b)(2) and the person's power is not exclusive if:
(1) the person can exercise the power only if the power also is exercised by the other person; and
(2) the other person:
(A) can exercise the power without exercise of the power by the person; or
(B) is the transferor to the person of an interest in the electronic money.
(d) Presumption of exclusivity of certain powers. —
If a person has the powers specified in subsection (a)(1)(B)(i) and (ii), the powers are presumed to be exclusive.
(e) Control through another person. —
A person has control of electronic money if another person, other than the transferor to the person of an interest in the electronic money:
(1) has control of the electronic money and acknowledges that it has control on behalf of the person; or
(2) obtains control of the electronic money after having acknowledged that it will obtain control of the electronic money on behalf of the person.
84 Del. Laws, c. 174, § 45;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-106. Control of investment property.

§§ 9-106. Control of investment property.
(a) Control under Section 8-106. — A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 8-106.
(b) Control of commodity contract. — A secured party has control of a commodity contract if:
(1) the secured party is the commodity intermediary with which the commodity contract is carried; or
(2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(c) Effect of control of securities account or commodity account. — A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
(d) Control of securities account. — A secured party has control of a securities account if the name on the securities account is the name of the secured party or indicates that the secured party has a security interest in the securities account.
(e) No implied duties of securities intermediary. — The naming of the securities account in the name of the secured party or with an indication that the secured party has a security interest in the securities account under subsection (d) does not impose upon the securities intermediary any duty not expressly agreed to by the securities intermediary.
72 Del. Laws, c. 401, §  1;  76 Del. Laws, c. 92, §  3;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-107. Control of letter-of-credit right.

§§ 9-107. Control of letter-of-credit right.
A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under Section 5-114(c) or otherwise applicable law or practice.
72 Del. Laws, c. 401, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-107A. Control of controllable electronic record, controllable account, or controllable payment intangible.

§§ 9-107A. Control of controllable electronic record, controllable account, or controllable payment intangible.
(a) Control under Section 12-105. —
A secured party has control of a controllable electronic record as provided in Section 12-105.
(b) Control of controllable account and controllable payment intangible. —
A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible.
84 Del. Laws, c. 174, § 46;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-107B. No requirement to acknowledge or confirm; no duties.

§§ 9-107B. No requirement to acknowledge or confirm; no duties.
(a) No requirement to acknowledge. —
A person that has control under Section 9-104, 9-105, or 9-105A is not required to acknowledge that it has control on behalf of another person.
(b) No duties or confirmation. —
If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this article otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to any other person.
84 Del. Laws, c. 174, § 46;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-108. Sufficiency of description.

§§ 9-108. Sufficiency of description.
(a) Sufficiency of description. — Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
(b) Examples of reasonable identification. — Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(1) specific listing;
(2) category;
(3) except as otherwise provided in subsection (e), a type of collateral defined in the Uniform Commercial Code;
(4) quantity;
(5) computational or allocational formula or procedure; or
(6) except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable.
(c) Supergeneric description not sufficient. — A description of collateral as “all the debtor's assets” or “all the debtor's personal property” or using words of similar import does not reasonably identify the collateral.
(d) Investment property. — Except as otherwise provided in subsection (e), a description of a security entitlement, securities account, or commodity account is sufficient if it describes:
(1) the collateral by those terms or as investment property; or
(2) the underlying financial asset or commodity contract.
(e) When description by type insufficient. — A description only by type of collateral defined in the Uniform Commercial Code is an insufficient description of:
(1) a commercial tort claim; or
(2) in a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
72 Del. Laws, c. 401, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-110. Security interests arising under Article 2 or 2A.

§§ 9-110. Security interests arising under Article 2 or 2A.
A security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5) is subject to this Article. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if Section 9-203(b)(3) has not been satisfied;
(2) filing is not required to perfect the security interest;
(3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A; and
(4) the security interest has priority over a conflicting security interest created by the debtor.
72 Del. Laws, c. 401, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 1. General Provisions › § 9-111. Law governing creation, attachment and enforcement of security interests; characterizations; and certain other rights.

§§ 9-111. Law governing creation, attachment and enforcement of security interests; characterizations; and certain other rights.
(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.
75 Del. Laws, c. 66, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › § 9-201. General effectiveness of security agreement.

§§ 9-201. General effectiveness of security agreement.
(a) General effectiveness. — Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.
(b) Applicable consumer laws and other law. — A transaction subject to this Article is subject to any applicable rule of law which establishes a different rule for consumers, to any other statute or regulation of this State that regulates the rates, charges, agreements and practices for loans, credit sales, or other extensions of credit, and to any consumer-protection statute or regulation of this State.
(c) Other applicable law controls. — In case of conflict between this Article and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies.
(d) Further deference to other applicable law. — This Article does not:
(1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or
(2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.
72 Del. Laws, c. 401, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › § 9-202. Title to collateral immaterial.

§§ 9-202. Title to collateral immaterial.
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this Article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
72 Del. Laws, c. 401, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › § 9-204. After-acquired property; future advances.

§§ 9-204. After-acquired property; future advances.
(a) After-acquired collateral. — Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.
(b) When after-acquired property clause not effective. — Subject to subsection (b.1), a security interest does not attach under a term constituting an after-acquired property clause to:
(1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or
(2) a commercial tort claim.
(b.1) Limitations on subsection (b). —
Subsection (b) does not prevent a security interest from attaching:
(1) to consumer goods as proceeds under Section 9-315(a) or commingled goods under Section 9-336(c);
(2) to a commercial tort claim as proceeds under Section 9-315(a); or
(3) under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim.
(c) Future advances and other value. — A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.
72 Del. Laws, c. 401, §  1;  84 Del. Laws, c. 174, § 48;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › § 9-205. Use or disposition of collateral permissible.

§§ 9-205. Use or disposition of collateral permissible.
(a) When security interest not invalid or fraudulent. — A security interest is not invalid or fraudulent against creditors solely because:
(1) the debtor has the right or ability to:
(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
(B) collect, compromise, enforce, or otherwise deal with collateral;
(C) accept the return of collateral or make repossessions; or
(D) use, commingle, or dispose of proceeds; or
(2) the secured party fails to require the debtor to account for proceeds or replace collateral.
(b) Requirements of possession not relaxed. — This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.
72 Del. Laws, c. 401, §  1;
2023 Delaware Code › Title 6 - Commerce and Trade › Article 9. Secured Transactions › Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › § 9-206. Security interest arising in purchase or delivery of financial asset.

§§ 9-206. Security interest arising in purchase or delivery of financial asset.
(a) Security interest when person buys through securities intermediary. — A security interest in favor of a securities intermediary attaches to a person's security entitlement if:
(1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and
(2) the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.
(b) Security interest secures obligation to pay for financial asset. — The security interest described in subsection (a) secures the person's obligation to pay for the financial asset.
(c) Security interest in payment against delivery transaction. — A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
(1) the security or other financial asset:
(A) in the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and
(B) is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
(2) the agreement calls for delivery against payment.
(d) Security interest secures obligation to pay for delivery. — The security interest described in subsection (c) secures the obligation to make payment for the delivery.
72 Del. Laws, c. 401, §  1;