6 Del. C. § 7602: Inapplicability of other laws; exempted transactions.

(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.

(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.