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Chapter 1 of Title 29 of the Yap State Code - Yap State Mortgage Act of 1987.

Country/Territory
Micronesia, Fed. States
Territorial subdivision
Yap
Document type
Legislation
Date
2000
Source
FAO, FAOLEX
Subject
Land & soil
Keyword
Ownership Foreign land tenure
Geographical area
Asia and the Pacific, Micronesia, Oceania, Small Island Developing States, South Pacific
Abstract

This Act makes provision with respect to the creation of mortgages and consequences of such mortgages. The purpose of the Act is to establish a system of mortgage law in Yap State which will induce lenders to make secured commercial and residential loans, while at the same time ensuring that borrowers who execute mortgages of property in Yap State understand nature and consequences of the mortgage, and that the parties to the mortgage are protected against unfair practices. A non-citizen of the Federated States of Micronesia may be a mortgagee under the provisions of this Act but shall not be entitled at any time to hold fee simple title to property in Yap State. Under the provisions of this Act, a mortgage creates a lien on the land, but does not pass title to the mortgagee.

Full text
English
Website
fsmlaw.org