This Chapter provides for selected matters relating to ownership of immovable property. Subject to certain exceptions, it declares that only citizens of the state of Pohnpei or corporations wholly owned by citizens of the state of Pohnpei may hold title to land in the state of Pohnpei. It refers to a provision of article 12 of the Pohnpei Constitution relative to acquisition of permanent interest in real property.
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Library ResourceLegislaciónMicronesia, Oceanía
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Library ResourceLegislaciónMicronesia, Oceanía
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.
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