Mortgages Flashcards
Does a lien give a right to sell?
No.
What case define a mortgage?
Olowu v. Miller Bros
What are the different forms of mortgage?
- A mortgagor may use his own property
- A mortgagor may use another persons property
- A mortgagor may intend to buy a property and use it to secure a loan
What are the two types of mortgage
Legal and equitable mortgage
In Lagos, a copy of a legal mortgage must be filed at… according to section…
In Lagos, a copy of a legal mortgage must be filed at the Board of Mortgage of Lagos State according to section 53 of the mortgage and properties act 2015
what case provides that a failure to perfect a legal mortgage renders the transaction void?
Savanah Bank v. Ajilo
Stamping must be done within…..
30 days
what case provides for creation of equitable mortgage through deposit of title deeds
BON v. Akintoye
what case provides for creation of equitable mortgage through an equitable charge
Ogundaini v. Araba
what case provides for creation of equitable mortgage through an inchoate legal mortgage
Awojugbabe light industries v. Chinukwe
what case provides for creation of equitable mortgage through an agreement to make a mortgage without proper form
Olofintiyi v. Barclays Bank limited
How can a mortgage be made in CA states
- by assignment
- by sub demise
- By statutory mortgage
A deed expressed by way of statutory mortgage with a proviso of re-conveyance on repayment of the loan under the CA is provided for under ….. and the form is as contained in …..
A deed expressed by way of statutory mortgage with a proviso of re-conveyance on repayment of the loan under the CA is provided for under section 26 of the Conveyancy Act and the form is as contained in Part 1 of the 3rd schedule of the act
What is the difference between a mortgage created by subdemise under the CA and under the PCL
To exercise power of sale under the CA, there must be remedial devices but under the PCL, the right of sale is implied under section 112 of the PCL
what section provides for the implied right of sale under the PCL?
Section 112 of the PCL
Under what jurisdiction does a mortgage require remedial devices to exercise their right of sale under a mortgage created by sub-demise?
The CA jurisdiction
what section provides for a mortgage to be created by subdemise under the PCL
Section 109 of the PCL
Successive legal mortgages are applicable in…..
CA states
When there is no date stated to repay the principal sum with interest, payment should be made….
On demand
Who is to insure a mortgage property?
The mortgagor and the mortgagee
Who is to perform repairs in a mortgage?
The mortgagor
What are the implied covenants in a mortgage?
- Equity of redemption
- Equitable right to redeem
- Legal right to redeem
When does the right of equity of redemption exhaust?
When there has been a valid sale or where an order nisi of foreclosure becomes absolute
what case provides for the right of an action in court by a mortgagee
UBN V. Olori Motors
what section provides for the right of a mortgagee to take possession
Section 123 of the PCL
Foreclosure nisi lasts for….
6 months
An order nisi becomes absolute after ……
6 months
what case provides for the right of a mortgagee to sell
Shorunmu v. Dolphin
What are the two conditions to exercise a right of sale
The right must have arisen and the right must have become exercisable
When does a right of sale arise?
- When the mortgage is made by deed
- when the legal due date has passed
- where there is no contrary intention forbidding the sale of the property
The right to sell under a mortgage becomes excercisable when….
- A notice of 3 months have been given to pay the principal sum (2 months) under the MPL
- there has been a default in installmental payments for up to months
- where the mortgagor is in fundamental breach of the provisions of their agreement
what section provides for when the power of sale in a mortgage becomes exercisable
Section 38 of the MPL Lagos
what section provides for when the power of sale in a mortgage becomes exercisable
Section 38 of the MPL Lagos
what section provides for when the power of sale in a mortgage becomes exercisable
Section 38 of the MPL Lagos
What are the four ways a receiver can be appointed
-By agreement of parties
-By court order
- Where the mortgage instrument provides for it
- Where is that provide for it?
The duty paid on mortgages is..
Ad Valorem
