Chapter 15 of Title 24 of the Chuuk State Code - Mortgages.
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LEX-FAOC078944
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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.
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