Delaware Code
Part 1. General Provisions
§ 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.

Structure Delaware Code