LAGOS STATE MORTGAGE AND PROPERTY LAW

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

MORTGAGE AND PROPERTY LAW

ARRANGEMENT OF SECTIONS

1.       Establishment of the Lagos State Mortgage Board

2.       Composition of the Board

3.       Remuneration of members of the Board

4.       Tenure of office of the members of the Board

5.       Meetings and quorum

6.       Power to co-opt

7.       Functions of the Board

8.       Powers of the Board

9.       Secretary to the Board

10.     Staff of the Board

11.     Pensions

12.     Negotiating lesser fees for documents presented for stamping and registrations

13.     Financial provisions

14.     Annual report

15.     Mode of creating mortgages

16.     Mode of creating mortgages

17.     charges by way of Legal Mortgage

18.     Equitable mortgage

19.     Realisation of a Right of Occupancy

20.     Realisation of leasehold mortgages

21.     Realisation of equitable charges by the Court

22.     Sale of mortgaged property

23.     Right to sue for mortgage money

24.     Actions for orders or reliefs

25.     Matters which the Court must take into consideration when giving orders

26.     Order for injunction

27.     Power of court to refer disputes to board for mediation or arbitration

28.     Consolidation of mortgages

29.     Tacking and further advances

30.     Obligation to transfer instead of recovering and right to take possession

31.     Inspection, production and delivery of documents and priorities

32.     Priorities between mortgages

33.     Leasing powers of mortgagor and mortgagee in possession

34.     Power of mortgagor and mortgage in possession to accept surrender of leases

35.     Powers incidental to estate or interest of mortgagee to sell, insure, appoint receiver, etc.

36.     Power to sell undivided share of mortgage property

37.     Assignment on sale

38.     Assignment on sale

39.     Application of proceeds of sale

40.     Exercise of the power of sale

41.     Mortgagee’s receipts, discharge, etc.

42.     Amount and application of insurance money

43.     Appointment powers, remuneration and duties of receiver

44.     Effect of advance payment on joint account

45.     Notice of trust affecting mortgage debts

46.     Transfer of mortgages

47.     Reconveyances of mortgages by indorsed receipts

48.     Cesser of mortgage terms

49.     Terms statutory legal charge

50.     Forms of statutory transfer of legal charges

51.     Joint and several implied covenants

52.     Forms

53.     Filling of mortgage instruments

54.     Protection of mortgagors from unconscionable practices

55.     Estimate of charges

56.     Regulation of mortgage promotion

57.     Payment into escrow accounts

58.     Prohibiting against kickbacks and unearned fees

59.     Prohibition of collateral contract

60.     Prohibition against negative amortisation

61.     Financing of insurance or other products sold in connection with the loan

62.     Prohibition of fees for preparation and submission of loan application for borrowers

63.     Power to make regulations

64.     Enforceability of a contract of mortgage

65.     Interest in land

66.     Penalties for violations, joint and several liability, treble damages, actions for injunction by Attorney-General of the State, costs and attorney fees

67.     Interpretation

68.     Repeal

69.     Citation and commencement

SCHEDULES

MORTGAGE AND PROPERTY LAW

A LAW TO ESTABLISH THE LAGOS STATE MORTGATE BOAR, ENCOURAGE THE GROWTH OF MORTGAGES IN REAL PROPERTY AND FOR THE REGULATION OF CONSUMER LOANS FOR ACQUISITION OF PROPERTY AND REALISATION OF SECURITIES AND FOR CONNECTED PURPOSES

(Commencement)  (23^rd August, 2010)

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA