Chapter 2 of Title 29 of the Yap State Code - Yap State Deed of Trust Act.
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LEX-FAOC079271
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This Act specifies rules relative to the writing, transfer, foreclosure, etc. of a deed of trust and defines legal consequences and proceedings in relation with the creation or foreclosure of a deed of trust. A transfer in trust of an estate in real property may occur to secure the performance of an obligation or the payment of a debt. A transfer does not entitle the trustee or beneficiary to the possession of the property, except as provided in this Act. The Act also provides for the establishment of a loan guarantee escrow account by trustees.
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