(a) Lease-purchase agreements which comply with this chapter are not governed by the laws relating to:

(1) A “retail installment contract” or “contract” as defined in § 4301(9) of this title.

(2) A “security interest” as defined in § 1-201(35) of this title.

contract signature

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Terms Used In Delaware Code Title 6 Sec. 7602

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302

(b) This chapter does not apply to the following:

(1) Lease-purchase agreements primarily for business, commercial or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;

(2) A lease of safe deposit box;

(3) A lease or bailment of personal property along with the lease of real property;

(4) A lease of an automobile; or

(5) The lease of real property and/or the fixed improvements thereon.

68 Del. Laws, c. 59, § ?1;

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