Chapter 6 of Title 41 of the Pohnpei State Code -Pohnpei State Real Property Mortgage Act.
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LEX-FAOC079549
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1
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This Act makes provision for the establishment and execution of mortgages and other matters relating to land-based credit. Its purpose is to establish a system of mortgage law in Pohnpei 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 Pohnpei have a full comprehension of the nature and consequences thereof and that the parties to the mortgage are protected against unfair practices. A non-citizen of Pohnpei may be a mortgagee under this Act but shall not be entitled at any time to hold fee simple title to property in Pohnpei State. A mortgage creates a lien on the land but does not pass title to the mortgagee.
