Title 5, Banking

§ 923. Deposits in names of two or more persons. When a deposit in any bank, trust company, savings bank or other banking institution in this State, is made in the name of 2 or more persons, deliverable or payable to either, or to their survivor or survivors, the deposit, or any …

§ 924. Bank deposit accounts in trust form. (a) The following terms shall have the following definitions for the purposes of this section. (1) A “beneficiary” is a natural person, or a nonprofit organization (as qualified under 26 U.S.C. § 501(c)(3)), that is described by a depos…

§ 926. Subrogation of Federal Deposit Insurance Corporation to rights of owners of insured deposits in closed institutions. Whenever a receiver has been appointed by the Court of Chancery for a bank or trust company in this State and the Federal Deposit Insurance Corporation pays…

§ 927. Penalty for false statements regarding financial condition. Whoever wilfully and maliciously makes, circulates or transmits to another or others, any false statement, rumor or suggestion, written, printed or by word of mouth, which is directly or by inference derogatory to…

§ 928. Penalty for representing or holding oneself out as engaged in business of receiving deposits or of a trust company. (a) Any person, firm, or association of individuals or any agent or official of any corporation or other person who in any manner represents or holds out one…

§ 929. Tying arrangements prohibited. (a) No bank or trust company shall, either directly or indirectly through any subsidiary, division or 3rd person, in any manner extend credit, sell any product or furnish any service to any person, or fix or vary the consideration for any of …

§ 930. Right of cancellation of certain insurance. (a) Except as otherwise provided in this section, in the case of any extension of credit by the bank or trust company engaged directly or indirectly in activities first authorized under § 761(a)(14) or § 1661(a)(14) of this title…

§ 930A. Mandatory disclosure in bank insurance policies. (a) Any bank or trust company issuing policies of insurance either directly or through a division or subsidiary, shall disclose or cause to be disclosed to all applicants for such policies and to all policyholders that such…

§ 931. Employee retirement pensions for savings banks and savings societies. (a) Savings banks and savings societies, subject to the laws of this State, may, in the discretion of a majority of all the managers or governing board, retire any officer, clerk or other employee, who h…

§ 932. Loans and securities insured by Federal Housing Administrator. (a) Banks, savings banks, trust companies, building and loan associations and insurance companies, subject to this Code and any other laws of this State, may make such loans and advances of credit and purchases…

§ 933. Prize linked savings programs. (a) For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action required for a chance of winning designated prizes is the deposit of a minimum spe…

§ 936. International banking facilities. The Commissioner may by rule except from the terms “deposit,” “borrowing,” and “extension of credit,” as they relate to the activities of international banking facilities and as defined in § 101 of this title, any class of transactions if …

§ 937. Availability of funds. (a) Financial institutions that delay availability shall review their policies and consider reducing the delay periods to the extent possible, consistent with prudent business practices. (b) Financial institutions shall disclose to depositors in an e…

§ 938. Transfer of fiduciary accounts. (a) For purposes of this section, “fiduciary” shall mean a banking organization or trust company of a type referred to in this section acting as a trustee, personal representative, guardian or custodian under a Uniform Gifts to Minors Act or…

§ 939. Negotiable instruments. (a) For purposes of this section, “fiduciary” shall have the same meaning as in § 3301(d) of Title 12. (b) If a negotiable instrument is drawn upon the account of a principal in a bank by a fiduciary who is empowered to draw upon the principal’s acc…

§ 940. Self-analysis privilege for depository institutions and affiliates. (a) Definitions. — For purposes of this section, the following words and phrases shall have the meanings ascribed to them herein: (1) “Depository institution” means a state-chartered or federally-chartered…

§ 941. Definitions. As used in this subchapter: (1) “Bank” means any bank or bank and trust company organized under this title or any other law or laws of this State, any depository institution organized under the authority of the United States and having its principal place of b…

§ 942. Extension of credit. Any bank may, subject to any limitations on lending authorities contained in its charter or otherwise imposed by law and subject to the other provisions of this subchapter, offer and extend credit under a revolving credit plan to a borrower and in conn…

§ 943. Periodic interest. A bank may charge and collect periodic interest under a revolving credit plan on outstanding unpaid indebtedness in the borrower’s account under the plan at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement g…

§ 944. Variable rates. If the agreement governing the revolving credit plan so provides, the periodic percentage rate or rates of interest under such plan may vary in accordance with a schedule or formula. Such periodic percentage rate or rates may vary from time to time as the r…

§ 945. Interest charges. (a) In addition to or in lieu of interest at a periodic percentage rate or rates as provided in §§ 943 and 944 of this title, a bank may, if the agreement governing the revolving credit plan so provides, charge and collect, as interest, in such manner or …

§ 946. Terms for indebtedness. A bank may, if the agreement governing a revolving credit plan so provides, impose different terms (including, without limitation, the terms governing the periodic percentage rate or rates used to calculate interest, the method of computing the outs…

§ 947. Overdraft accounts. If credit under a revolving credit plan is offered and extended in connection with a demand deposit account or other transaction account maintained by the borrower with the bank pursuant to an agreement or arrangement whereby the bank agrees to honor ch…

§ 948. Omitted installments. A bank may at any time and from time to time unilaterally extend to a borrower under a revolving credit plan the option of omitting monthly installments.63 Del. Laws, c. 2, § 4;

§ 949. Insurance. (a) A bank may request but not require an individual borrower to be insured in respect of a revolving credit plan under a life, health, accident, health and accident or other credit or other permissible insurance policy, whether group or individual, and in the e…

§ 950. Delinquent installments. (a) If the agreement governing a revolving credit plan so provides, a bank may impose, as interest, a late or delinquency charge upon any outstanding unpaid installment payments or portions thereof under the plan which are in default; provided howe…

§ 951. Attorney’s fees; costs. In the event a borrower defaults under the terms of a plan, the bank may, if the borrower’s account is referred to an attorney (not a regularly salaried employee of the bank) or to a third party for collection and if the agreement governing the revo…

§ 952. Amendment of agreement. (a) Unless the agreement governing a revolving credit plan otherwise provides, a bank may at any time and from time to time amend such agreement in any respect, whether or not the amendment or the subject of the amendment was originally contemplated…

§ 953. Application of other state laws. Any other law of this State limiting the rate or amount of interest, discount, points, finance charges, service charges or other charges which may be charged, taken, collected, received or reserved shall not apply to extensions of credit un…

§ 954. Nonexclusivity; captions. (a) The provisions of this subchapter are not exclusive and a bank may at its option elect to extend credit either pursuant to this subchapter or as otherwise permitted by applicable law. (b) Section headings and captions contained in this subchap…

§ 955. Materiality of terms. All terms, conditions and other provisions of and relating to a plan as contained in this subchapter or in the agreement governing the plan (other than those which are interest under this subchapter), including, without limitation, provisions relating…

§ 956. Governing law. A revolving credit plan between a bank and an individual borrower shall be governed by the laws of this State.66 Del. Laws, c. 283, § 22;

§ 961. Definitions. As used in this subchapter: (1) “Bank,” “borrower” and “individual borrower” have the meanings given in subchapter II of this chapter. (2) “Business day” means, with respect to recission under § 976 of this title, all calendar days except Sundays and legal pub…

§ 962. Extension of credit. Any bank may, subject to any limitations on lending authority contained in its charter or otherwise imposed by law and subject to the other provisions of this subchapter, offer and extend closed end credit to a borrower and in connection therewith, may…

§ 963. Periodic interest. A bank may charge and collect periodic interest in respect of a loan at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement governing, or the bond, note or other evidence of, the loan provides or as established…

§ 964. Variable rates. If the agreement governing, or the bond, note or other evidence of, the loan so provides, the periodic percentage rate or rates of interest charged and collected in respect of the loan may, if the interest is not precomputed and taken in advance, vary in ac…

§ 965. Interest charges. In addition to or in lieu of periodic interest at a periodic percentage rate or rates permitted by §§ 963 and 964 of this title, a bank may charge and collect, as interest, in respect of a loan: (1) Loan fees, points, finders fees and other front-end and …

§ 966. Deferred installments. A bank may at any time or from time to time permit a borrower to defer installment payments of a loan and may, in connection with such deferral, charge and collect, as interest, deferral charges and may also require payment by such borrower, as inter…

§ 967. Insurance. (a) A bank may request but not require an individual borrower to be insured in respect of a loan under a life, health, accident, health and accident or other permissible insurance policy, whether group or individual, and in the event that a loan to an individual…

§ 968. Delinquent installments. If the agreement governing a loan so provides, a bank may impose, as interest, a late or delinquency charge upon any outstanding unpaid installment payments or portions thereof under the loan agreement which are in default; provided, however, that …

§ 969. Prepayment. (a) An individual borrower may prepay a loan in full at any time. (b) If interest charged pursuant to § 963 of this title in respect to a loan to an individual borrower has been precomputed and taken in advance, then, in the event of prepayment of the entire in…

§ 970. Refinancing. (a) An individual borrower may, with the consent of the bank, refinance the entire outstanding and unpaid amount of a loan, and the bank may charge and collect, as interest, a refinancing charge in connection with any such refinancing. (b) For the purposes of …

§ 971. Attorney’s fees; costs. In the event an individual borrower defaults under the terms of a loan, the bank may, if such borrower’s account is referred to an attorney (not a regularly salaried employee of the bank) or to a third party for collection and if the agreement gover…

§ 972. Loans to other than individual borrowers. This subchapter shall not be deemed to prohibit a bank, in connection with a loan to other than an individual borrower, from: (1) Extending or deferring the scheduled payment of all or any portion of any installment or installments…

§ 973. Application of other state laws. Any other law of this State limiting the rate or amount of interest, discount, points, finance charges, service charges or other charges which may be charged, taken, collected, received or reserved shall not apply to extensions of credit ma…

§ 974. Nonexclusivity; captions. (a) The provisions of this subchapter are not exclusive and a bank may at its option elect to extend credit either pursuant to this subchapter or as otherwise permitted by applicable law. (b) Section headings and captions contained in this subchap…