The Act makes provisions with respect to: establishment of mortgages on leasehold interest, status of security, requirements for mortgages, registration of mortgages, procedure for registration, priority of mortgage interests, effect of non-registration, foreclosure of mortgages, judicial foreclosure of mortgages, power of sale foreclosure, sale under power of sale, right to deficiency subsequent to foreclosure sale, discharge, foreign citizens as mortgagor, discharge of stale mortgage and various other matters relating to mortgages on real property and related rights and obligations (41 sections).
Marshall Islands · 2003-12-03