Delaware Code Title 31 Sec. 4716 – Dissolution of land bank
(a) A land bank may be dissolved within 60 calendar days after the adoption of an affirmative resolution approved by 2/3 of the membership of the board of directors authorizing such dissolution. Sixty calendar days’ advance written notice of consideration of a resolution of dissolution shall be given to the foreclosing governmental unit that created the land bank, shall be published in a local newspaper of general circulation, and shall be sent by certified mail to the trustee of any outstanding bonds of the land bank.
Terms Used In Delaware Code Title 31 Sec. 4716
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: means the board of directors of the land bank. See Delaware Code Title 31 Sec. 4703
- Foreclosing governmental unit: means any political subdivision of the State of Delaware, where such political subdivision has the power to cause the sale of real property located within its respective jurisdiction for the collection of liens inuring to that political subdivision. See Delaware Code Title 31 Sec. 4703
- Land bank: means a land bank established under this chapter and in accordance with the provisions of this chapter. See Delaware Code Title 31 Sec. 4703
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
(b) The foreclosing governmental unit or units that created the land bank may dissolve the land bank by repeal of the local law, ordinance, resolution, or intergovernmental cooperation agreement that created the land bank under § 4705(a) or (b) of this title. Dissolution shall be effective no sooner than 60 calendar days after such repeal. Prior to dissolution, the land bank shall publish notice of the dissolution in a local newspaper of general circulation, and shall provide notice by certified mail to the trustee of any outstanding bonds of the land bank. In the event that 2 or more foreclosing governmental units created a land bank under § 4705(b) of this title, the withdrawal of 1 or more foreclosing governmental units shall not result in the dissolution of the land bank unless the intergovernmental cooperation agreement entered into under § 4705(b) of this title so provides and there is no foreclosing governmental unit that desires to continue the existence of the land bank.
(c) Upon dissolution of the land bank, all real property, personal property, and other assets of the land bank shall become assets of the foreclosing governmental unit that created the land bank.