Chapter 1 of Title 46 of the Pohnpei State Code - Personal General Provisions.

This Chapter sets out general provisions relative to any agreement, regardless of its form, that is intended to give rights in personal property, including houses on land not owned individually or entirely by the party or parties purporting to give an interest in the house, as security for the performance of any obligation. Such agreements include, among others, pledges, conditional sales agreements, chattel mortgages, and leases under which ownership of personal property is to pass upon completion of the terms of the lease.The Chapter: (a) requires both debtor and the creditor to exercise their rights in the property in good faith; (b) prohibits unauthorized destruction, removal or use of property; (c) sets out the procedure if creditor fails to comply with provisions of Title 46; (d) restricts waiver of provisions of the Title by agreement; and (e) prescribes that the rights of the debtor under an agreement subject to this section may only be foreclosed after default by one of the methods set forth in the Title.