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Chapter 15 of Title 24 of the Chuuk State Code - Mortgages.

Country/Territory
Micronesia, Fed. States
Territorial subdivision
Chuuk
Document type
Legislation
Date
1981 (2001)
Source
FAO, FAOLEX
Subject
Land & soil
Keyword
Transfer Legal proceedings/administrative proceedings
Geographical area
Asia and the Pacific, Micronesia, Oceania, Small Island Developing States, South Pacific
Abstract

This Chapter prescribes rules regarding the establishment, recording and protection of mortgages. Its purpose is to establish a system of mortgage law in the State of Chuuk which will induce lenders to make secured commercial and residential loans and secure transparency and other rights of mortgagor. Under the provisions of this Chapter, mortgage creates a lien on the land, but does not pass title to the mortgagee.

Full text
English
Website
fsmlaw.org