Delaware Code Title 6 Sec. 15-104 – Supplemental principles of law
(a) In any case not provided for in this chapter, the rules of law and equity, including the law merchant, shall govern.
Terms Used In Delaware Code Title 6 Sec. 15-104
- Domestic partnership: means an association of two or more persons formed under § 15-202 of this title or predecessor law to carry on any lawful business, purpose or activity. See Delaware Code Title 6 Sec. 15-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partner: means a person who is admitted to a partnership as a partner of the partnership. See Delaware Code Title 6 Sec. 15-101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means an association of 2 or more persons formed under § 15-202 of this title, predecessor law or comparable law of another jurisdiction to carry on any business, purpose or activity. See Delaware Code Title 6 Sec. 15-101
- Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Delaware Code Title 6 Sec. 15-101
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
(b) No obligation of a partner to a partnership, or to a partner of a partnership, arising under a partnership agreement or a separate agreement or writing, and no note, instruction or other writing evidencing any such obligation of a partner, shall be subject to the defense of usury, and no partner shall interpose the defense of usury with respect to any such obligation in any action. If an obligation to pay interest arises under this chapter and the rate is not specified, the rate is that specified in § 2301 of this title.
(c) Sections 9-406 and 9-408 of this title do not apply to any interest in a domestic partnership, including all rights, powers and interests arising under a partnership agreement or this chapter. This provision prevails over §§ 9-406 and 9-408 of this title.
72 Del. Laws, c. 151, § ?1; 72 Del. Laws, c. 390, § ?4; 73 Del. Laws, c. 223, § ?1; 78 Del. Laws, c. 271, § ?1;