Chapter 4 of Title 11 of the Kosrae State Code - The Deed of Trust.
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LEX-FAOC079063
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This Chapter 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 Chapter. The Chapter also provides for the establishment of a loan guarantee escrow account where the beneficiary is the Farmers Home Administration.
