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 Land based credit Transfer Legal proceedings/administrative proceedings Geographical area Oceania, Small Island Developing States 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