BILLS OF SALE LAW

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

BILLS OF SALE LAW

ARRANGEMENT OF SECTIONS

PART 1 – Preliminary

1.       Citation and application.      

2.       Power to appoint registrar.     

PART 2 – Absolute Bills of Sale

3.       Interpretation; “apparent possession”; trade machinery deemed to be personal chattels; certain instruments giving powers of distress deemed to be bills of sale.

4.       Fixtures or growing crops not to be deemed separately assigned when land passes by same instrument. 

5.       Avoidance of unregistered bills of sale in certain cases.       

6.       Mode of attesting bills of sale to which this Part applies.      

PART 3 – Bills of Sale as Security for the Payment of Money 

7.       Construction. 

8.       Form of bill of sale.     

9.       Bill of sale to have schedule of property attached thereto.  

10.     Bill of sale not to affect after-acquired property.       

11.     Exception as to certain things.           

12.     Power to seize in certain events only.

13.     Chattels not to be removed or sold within five days after seizure.   

14.     Avoidance unless duly attested and registered.        

15.     Bill of sale under N0.60 to be void.     

16.     Chattels not protected against taxes and rates.      

17.     Debentures to which this Part not to apply.  

PART 4 – Registration

18.     Mode of registering bills of sale. Avoidance of certain duplicate bills of sale.          

19.     Local registration.      

20.     Renewal of registration.         

21.     Form of register.         

22.     Rectification of register.         

23.     Entry of satisfaction.   

24.     Inspection of register. 

25.     Copies of registered bills of sale.        

26.     Affidavits.        

PART 5 – General

27.     Power to make rules. 

28.     Saving.           

Schedule         

SUBSIDIARY LEGISLATION  

BILLS OF SALE RULES 

BILLS OF SALE LAW

A Law to make provision for the Execution, Registration and Effect of Bills of Sale and for matters incidental thereto.

[W.R.L. 1959, Cap. 11. L.S.L.N. 16 of 1972.]

[COMMENCEMENT]         [2nd October, 1958]

PART 1 – Preliminary

1.   Citation and application

(1)     This Law may be cited as the Bills of Sale Law.

(2)     Subject to the provisions of Part 2 this Law shall apply to every bill of sale executed on or after the commencement of this Law (whether the same be absolute or subject or not subject to any trust, or be made or given by way of security for the payment of money), whereby the holder or grantor has power either with or without notice and either immediately or at any future time to seize or take possession of any personal chattels comprised in or made subject to such bill of sale.

2.   Power to appoint registrar. Bills of Sale Ordinance

A person may be appointed to be registrar for the Lagos State for the purposes of this Law (hereinafter referred to as “the registrar”) and the State Commissioner may designate a place to be the principal registry for the purposes of this Law (hereinafter referred to as “the principal registry”).

[L. of N. 1948, c. 19, s. 2. L.S.L.N. 16 of 1972.]

PART 2 – Absolute Bills of Sale

3.   Interpretation

(1)     In this Part unless the context otherwise requires—

“bill of sale” shall include bills of sale, assignments, transfers, declarations of trust without transfer, inventories of goods with receipt attached thereto, or receipts for purchase moneys of goods, and other assurances of personal chattels, and also powers of attorney, authorities or licences to take possession of personal chattels as security for any debt, and also any agreement whether intended or not to be followed by the execution of any other instrument, by which a right in equity to any personal chattels or to any charge or security thereon shall be conferred, but shall not include the following documents, that is to say: assignment for the benefit of the creditors of the person making or giving the same, marriage settlements, transfers or assignments of any ship or vessel or any share thereof, transfers of goods in the ordinary course of business of any trade or calling, bills of sale of goods in foreign parts or at sea, bills of lading, India warrants, warehouse-keepers’ certificates, warrants or orders for the delivery of goods, or any other documents used in the ordinary course of business as proof of possession or control of goods or authorising or purporting to authorise, either by endorsement or by delivery, the possessor of such document to transfer or receive goods thereby represented, or any instrument charging or creating any security on or declaring trusts of imported goods given or executed at any time prior to their deposit in a warehouse, factory or store or to their being reshipped for export or delivered to a purchaser not being the person giving or executing such instrument;

“factory or workshop” means any premises on which manual labour is exercised by way of trade or for purposes of gain in or incidental to the making of any article or part of an article, or the altering, repairing, ornamenting or finishing of any article or the adapting for sale of any article;

“personal chattels” means any goods, furniture and other articles capable of complete transfer by delivery, and (when separately assigned or charged) fixtures and growing crops, but shall not include chattel interests in real estate nor fixtures (except trade machinery as hereinafter defined) when assigned together with a freehold or leasehold interest in any land or building to which they are affixed, nor growing crops when assigned together with any interest in the land on which they grow, nor shares or interests in the stock, funds, or securities of any government, or in the capital or property of incorporated or joint stock companies, nor choses in action, nor any stock or produce upon any farm or lands which by virtue of any covenant or agreement or of the custom of the country ought not to be removed from any farm where the same are at the time of making or giving of such bill of sale;

“prescribed” means prescribed by rules made under the provisions of this Law;

“trade machinery” means the machinery used in or attached to any factory or workshop but excluding the following, that is to say, the fixed motive-powers and the fixed appurtenances of such motive-powers, and the fixed power machinery and fixed appurtenances thereof which transmit the action of the motive-powers to the other machinery, fixed and loose, and the pipes for steam, gas or water and the wiring and other fixed fittings for transmitting electrical current, in the factory or workshop.

“apparent possession”

(2)     Personal chattels shall be deemed to be in the “apparent possession” of the person making or giving a bill of sale so long as they remain or are in or upon any house, mill, warehouse, building, works, yard, land and other premises occupied by him or are used and enjoyed by him in any place whatsoever, notwithstanding that formal possession thereof may have been taken or given to any other person.

Trade machinery deemed to be personal chattels

(3)     From and after the commencement of this Law, trade machinery shall for the purposes of this Law be deemed to be personal chattels and any mode of disposition of trade machinery by the owner thereof which would be a bill of sale as to any other personal chattels shall be deemed to be a bill of sale.

Certain instruments giving powers of distress deemed to be bills of sale

(4)     Every attornment, instrument or agreement, not being a mining lease, whereby a power of distress is given or agreed to be given by any person to any other person by way of security for any present, future or contingent debt or advance, and whereby any rent is reserved or made payable as a mode for providing for the payment of interest on such debt or advance or otherwise for the purpose of such security only, shall be deemed to be a bill of sale of any personal chattels which may be seized or taken under such power of distress:

Provided that nothing in this section shall extend to any mortgage of any estate or interest in any land, tenement or hereditament which the mortgagee, being in possession, shall have demised to the mortgagor as his tenant at a fair and reasonable rent.

4.       Fixtures or growing crops not to be deemed separately assigned when land passes by same instrument

(1)     No fixtures or growing crops shall be deemed to be separately assigned or charged by reason only that they are assigned by separate words or that power is given to sever them from the land or building to which they are affixed or from the land on which they grow without otherwise taking possession of or dealing with such land or building or land, if by the same instrument any freehold or leasehold interest in the land or building to which such fixtures are affixed or in the land on which such crops grow, is also conveyed or assigned to the same person or persons.

(2)     The same rule of construction shall be applied to all deeds or instruments including fixtures or crops executed before the commencement of this Law and then subsisting and in force in all questions arising under any bankruptcy, liquidation or assignment for the benefit of creditors or execution of any process of any court, which shall take place or be issued after the commencement of this Law.

5.       Avoidance of unregistered bills of sale in certain cases

Every bill of sale other than a bill of sale to which Part 3 applies shall be duly attested and registered under this Law within seven days after the making or giving thereof or if it be executed in any place out of the Lagos State then within seven days after the time at which it would in the ordinary course of post arrive at the principal registry if posted immediately after the execution thereof and shall set forth the consideration for which such bill of sale was given: otherwise such bill of sale as against all trustees or assignees of the estate of the person whose chattels or any of them are comprised in such bill of sale under any written law relating to bankruptcy or liquidation or under any assignment for the benefit of the creditors of such person and also as against all sheriffs, officers and other persons seizing any chattels comprised in such bill of sale in the execution of the process of any court authorising the seizure of chattels of the person by whom or of whose chattels such bill has been made, and also as against every person on whose behalf such process shall have been issued, shall be deemed fraudulent and void so far as regards the property in or right to the possession of any chattels comprised in such bill of sale which at or after the time of the filing of the petition for bankruptcy or liquidation or of the execution of such assignment or of executing such process, as the case may be, and after the expiration of such seven days are in the possession or apparent possession of the person making such bill of sale or of any person against whom the process has been issued under or in execution of which such bill has been made or given, as the case may be.

6.       Mode of attesting bills of sale to which this Part applies

The execution of a bill of sale other than a bill of sale to which Part 3 applies shall be attested by a legal practitioner having for the time being the right of audience in accordance with the Legal Practitioners Act, and the attestation shall state that before the execution of the bill of sale the effect thereof has been explained to the grantor by the attesting legal practitioner.

[L.S.L.N. 16 of 1972. Cap. 207 L. F. N.]

PART 3 – Bills of Sale as Security for the Payment of Money

7.   Construction

(1)     This Part shall so far as is consistent with the tenor thereof be construed as one with Part 2.

(2)     The expression “bill of sale” and other expressions in this Part have the same meaning as in Part 2 except as to bills of sale and other documents mentioned in section 3 which may be given otherwise than by way of security for the payment of money, to which last mentioned bills of sale and other documents in this Part shall not apply.

(3)     No provisions of Part 2 which are inconsistent with the provisions of this Part shall have any force or effect in respect of any matter to which this Part relates.

8.       Form of bill of sale

A bill of sale given or made by way of security for the payment of money by the grantor thereof shall be void unless made in accordance with the form in the Schedule hereto.

[Form A. Schedule.]

9.       Bill of sale to have schedule of property attached thereto

Every bill of sale to which this Part applies shall have annexed thereto or written thereon a schedule containing an inventory of the personal chattels comprised in the bill of sale and such bill of sale save as hereinafter mentioned shall have effect only in respect of the personal chattels specifically described in the said schedule and shall be void, except as against the grantor, in respect of any personal chattels not so specifically described.

10.     Bill of sale not to affect after-acquired property

Save as hereinafter mentioned, a bill of sale to which this Part applies shall be void, except as against the grantor, in respect of any personal chattels specifically described in the schedule thereto of which the grantor was not the true owner at the time of the execution of the bill of sale.

11.     Exception as to certain things

Nothing contained in the foregoing sections of this Part shall render a bill of sale void in respect of any of the following things—

(a)     any growing crops separately assigned or charged where such crops were actually growing at the time when the bill of sale was executed;

(b)     any fixtures separately assigned or charged and any plant or trade machinery where such fixtures, plant or trade machinery are used in, attached to or brought upon any land, farm, factory or workshop, shop, house, warehouse or other place in substitution for any of the like fixtures, plant or trade machinery specifically described in the schedule to such bill of sale.

12.   Power to seize in certain events only

Personal chattels assigned under a bill of sale to which this Part applies shall not be liable to be seized or taken possession of by the grantee for any other than the following causes—

(a)     if the grantor shall make default in payment of the sum or sums of money thereby secured at the time therein provided for payment or in the performance of any covenant or agreement contained in the bill of sale and necessary for maintaining the security;

(b)     if the grantor shall become bankrupt or suffer the said goods or any of them to be distrained for rent, taxes or rates;

(c)     if the grantor shall fraudulently either remove the said goods or any of them or suffer the same to be removed from the premises;

(d)     if the grantor shall not, without reasonable excuse, upon demand in writing by the grantee produce to him his last receipts for rent, rates and taxes;

(e)     if execution shall have been levied against the goods of the grantee under any judgment at law:

Provided that the grantor may within five days from the seizure or taking possession of any chattels on account of any of the above mentioned causes apply to the High Court and such court if satisfied that by payment of money or otherwise the said cause of seizure no longer exists may restrain the grantee from removing or selling the said chattels or may make such other order as may seem just.

13.   Chattels not to be removed or sold within five days after seizure

All personal chattels seized or of which possession is taken under or by virtue of any bill of sale to which this Part applies (whether registered before or after the commencement of this Law) shall remain on the premises where they were so seized or taken possession of and shall not be removed or sold until after the expiration of five clear days from the day they were so seized or so taken possession of.

14.   Avoidance unless duly attested and registered

Every bill of sale to which this Part applies shall be attested by one or more credible witnesses, not being party or parties thereto, and shall be registered under this Law within seven clear days after the execution thereof or if it is executed at any place out of the Lagos State then within seven clear days after the time at which it would in the ordinary course of post arrive at the principal registry if posted immediately after the execution thereof, and shall truly set forth the consideration for which it was given: otherwise such bill of sale shall be void in respect of the personal chattels comprised therein.

15.   Bill of sale under N60 to be void

Every bill of sale to which this Part applies made or given in consideration of any sum under sixty naira shall be void.

16.   Chattels not protected against taxes and rates

A bill of sale to which this Part applies shall be no protection in respect of personal chattels included in such bill of sale which but for such bill of sale would have been liable to distress under a warrant for the recovery of taxes and rates.

17.   Debentures to which this Part not to apply

Nothing in this Part shall apply to any debentures issued by any mortgage, loan or other incorporated company, and secured upon the capital stock or goods, chattels and effects of such company.

PART 4 – Registration

18.   Mode of registering bill of sale

(1)  Every bill of sale to which this Law applies shall be registered in the following manner—

(a)     such bill with every schedule or inventory thereto annexed or therein referred to and also a true copy of such bill and of every such schedule or inventory and of every attestation of the execution of such bill of sale together with an affidavit of the time of such bill of sale being made or given and of its due execution and attestation and a description of the residence and occupation of the person making or giving the same (or in case the same is made or given by any person under or in the execution of any process then a description of the residence and occupation of the person against whom such process issued) and of every attesting witness to such bill of sale shall be filed with the registrar within seven clear days after the making or giving of such bill of sale;

(b)     if the bill of sale is made or given subject to any defeasance or condition or declaration of trust not contained in the body thereof such defeasance or condition or declaration shall be deemed to be part of the bill and shall be written on the same paper therewith before the registration and shall be truly set forth in the copy filed under this Law therewith and as part thereof, otherwise the registration shall be void.

(2)     In case two or more bills of sale are given, comprising in whole or in part any of the same chattels they shall have priority in the order of the date of their registration respectively as regards such chattels.

Avoidance of certain duplicate bills of sale

(3)     Where a subsequent bill of sale is executed within or on the expiration of seven days after the execution of a prior unregistered bill of sale and comprises all or any part of the personal chattels comprised in such prior bill of sale, then, if such subsequent bill of sale is given as a security for the same debt as is secured by the prior bill of sale or for any part of such debt, it shall, to the extent to which it is a security for the same debt or part thereof, and so far as respects the personal chattels or part thereof comprised in the prior bill be absolutely void, unless it is proved to the satisfaction of the court having cognisanceof the case that the subsequent bill of sale was bona fide given for the purpose of correcting some material error in the prior bill of sale and not for the purpose of evading this Law.

(4)     A transfer or assignment of a registered bill of sale need not be registered.

19.   Local registration

(1)     Where the affidavit which under section 18 is required to accompany a bill of sale when presented for registration, describes the residence of the person making or giving the same, or of the person against whom process is to be issued, to be in some place within the local limits of the jurisdiction of a magistrate not comprising any part of the magisterial district within which the principal registry is situate, or where the bill of sale describes the chattels enumerated therein as being within some such place, the registrar shall forthwith and within three clear days after registration in the principal registry transmit a copy of such bill of sale and of every schedule or inventory thereto annexed or referred to therein to the magistrate exercising jurisdiction in such place and if there are more such places than one then to the magistrate exercising jurisdiction in each such place.

(2)     Every copy so transmitted shall be filed, kept and indexed by the magistrate in the prescribed manner and any person may search, inspect, make extracts from and obtain copies thereof in the like manner and upon the like terms as to payment or otherwise as near as may be as in the case of bills of sale registered in the principal registry.

(3)     For the purpose of carrying out the requirements of this section, section 18 shall have effect as though it required the presentation to the registrar on the registration of a bill of sale in addition to the copy of the bill of sale mentioned in paragraph (a) of subsection (1) thereof, of such number of copies of the bill and of every schedule or inventory annexed thereto or referred to therein as the registrar may deem to be necessary for such purpose.

20.   Renewal of registration

(1)     The registration of a bill of sale whether executed before or after the commencement of this Law must be renewed once at least every five years and if a period of five years elapses from the registration or renewed registration of a bill of sale without a renewal or further renewal (as the case may be), the registration shall become void.

(2)     The renewal of a registration shall be effected by filing with the registrar an affidavit which may be in the form set forth in the Schedule hereto, stating the date of the bill of sale and of the last registration thereof and the names, residence and occupations of the parties thereto as stated therein and that the bill of sale is still a subsisting security.

[Form B Schedule.]

(3)     A renewal of registration shall not become necessary by reason only of a transfer or assignment of a bill of sale.

21.   Form of register

(1)     The registrar shall keep a book (in this Law referred to as “the register”) for the purposes of this Law and shall upon the filing of any bill of sale or copy under this Law enter therein in the form set forth in the Schedule hereto or in any other prescribed form, the name, residence and occupation of the person by whom the bill of sale was made or given (or in case the same was made or given by any person under or in execution of process, then the name, residence and occupation of the person against whom such process was issued and also the name of the person or persons to whom or in whose favour the bill was given), and the other particulars shown in the said Schedule or to be prescribed under this Law, and shall number all such bills registered in each year consecutively, according to the respective dates of their registration.

[Form C. Schedule.]

(2)     Upon the registration of any affidavit of renewal the like entry shall be made with the addition of the date and number of the last previous entry relating to the same bill, and the bill of sale or copy originally filed shall be thereupon marked with the number affixed to such affidavit of renewal.

(3)     The registrar shall also keep an index of the names of the grantors of registered bills of sale with reference to entries in the register of the bills of sale given by each grantor and such index shall be arranged in divisions corresponding with the letters of the alphabet so that all grantors whose surnames begin with the same letter (and no others) shall be comprised in one division but the arrangement within each such division need not be strictly alphabetical.

22.   Rectification of register

Any judge of the High Court on being satisfied that the omission to register a bill of sale or an affidavit or renewal thereof within the time prescribed by this Law, or the omission or mis-statement of the name, residence or occupation of any person, was accidental or due to inadvertence may in his discretion order such omission or mis-statement to be rectified by the insertion in the register of the true name, residence or occupation or by extending the time for such registration on such terms and conditions (if any) as to security, notice by advertisement or otherwise, or as to any other matter, as he thinks fit to direct.

23.   Entry of satisfaction

Subject to and in accordance with any rules made under and for the purposes of this Law the registrar may order a memorandum of satisfaction to be written upon any registered copy of a bill of sale upon the prescribed evidence being given that the debt (if any) for which such bill of sale was made or given has been satisfied or discharged.

24.   Inspection of register

Any person shall be entitled at all reasonable times to search the register on payment of the prescribed fee and subject to such regulations as may be prescribed and shall be entitled at all reasonable times to inspect, examine and make extracts from any and every bill of sale without being required to make a written application or to specify any particulars in reference thereto, upon payment of the prescribed fee for each bill of sale inspected:

Provided that the said extracts shall be limited to the dates of execution, registration, renewal of registration and satisfaction, to the names, addresses and occupations of the parties, to the amount of the consideration and to any further prescribed particulars.

25.   Copies of registered bills of sale

Any person shall be entitled to have an office copy or extract of any bill of sale and affidavit of execution filed therewith or copy thereof and of any affidavit filed therewith (if any), or registered affidavit of renewal, upon payment for the same at the prescribed rate and any copy of a registered bill of sale and affidavit purporting to be an office copy thereof shall in all courts and before all arbitrators or other persons be admitted as prima facie evidence thereof and of the fact and date of registration as shown thereon.

26.   Affidavits

Every affidavit required by or for the purposes of this Law may be sworn before any commissioner empowered to take affidavits.

PART 5 – General

27.   Power to make rules

The State Commissioner may make rules for the purposes of this Law and such power shall include a power to fix fees.

[L.S.L.N. 16 of 1972.]

28.   Saving

(1)     Except as is in this Law expressly mentioned with respect to construction and with respect to renewal of registration nothing in this Law shall affect any bill of sale executed before the commencement of this Law and as regards bills of sale so executed the Bills of Sale Act and the Acts mentioned in that Act shall continue in force.

[L.S.L.N. 16 of 1972.]

(2)     Any renewal after the commencement of this Law of a bill of sale executed before the commencement of this Law and registered under the Bills of Sale Act and the Acts mentioned therein shall be made under this Law in the same manner as the renewal of a registration made under this Law.

Schedule

Form A

[SECTION 8.]

THIS INDENTURE made the …………….. day of …………………………             

between A.B. ………………………… of ………………………… of the one part and

C.D. ………………………… of ………………………… of the other part witnesseth that in consideration of the sum of ………………………… now paid to A.B. by C.D. the receipt of which the said A.B. hereby acknowledges (or whatever else the consideration may be), he the said A.B. doth hereby assign unto C.D. his executors, administrators and assigns, all and singular the several chattels and things specifically described in the schedule hereto annexed by way of security for the payment of the sum of ………………………… and interest thereon at the rate of …………………………  per cent per annum (or whatever else may be the rate). And the said A.B. doth further agree and declare that he will duly pay the said C.D. the principal sum aforesaid together with the interest then due by equal payments of ……………………. on the ………. day of ………………………… (or whatever else may be the stipulated time or times of payment). And the said A.B. doth also agree with the said C.D. that he will …………………………  (here insert terms as to insurance, payment of rent, or otherwise which the parties may agree to for the maintenance or defeasance of the security).      

Provided always that the chattels hereby assigned shall not be liable to seizure or to be taken possession of by the said C.D. for any cause other than those specified in section 12 of the Bills of Sale Law.     

In witness, etc.

…………………………  Signed and sealed by the said A.B. in the presence of E.F.    

(add witness’ name, address and description):        

Form B – [SECTION 20.]

I (A.B.) ………………………… of ………………………… do swear that a bill of sale bearing date the …….. day     

of …………………., 20……… (insert the date of the bill) and made between ………………………… …………………………   (insert the names and description of the parties in the original bill of sale) and which said bill of sale (or and a copy of which said bill of sale as the case may be) was registered on the ……… day of ………………. 20……… (insert date of registration) is still subsisting security.   

Sworn, etc.                

Form C

Satisfaction entered    No………………………..

By whom given (or against whom process issued) ………………………… 

To whom given………………………… 

Nature of Instrument ………………………… 

Date ………………………… 

Date of registration………………………… 

Date of registration of affidavit of renewal………………………… 

Name  ………………………… Residence ………………………… Occupation …………………………                                          

SUBSIDIARY LEGISLATION

The Bills of Sale Rules   

The Bills of Sales Rules

[W.R.L. 1959, I, 188, s. 27.]

ARRANGEMENT OF SECTIONS

1.         Citation          

2.         Time for registering bills of sale executed in the Lagos State 

3.         Fees    

4.         Memorandum of satisfaction 

5.         Order of memorandum of satisfaction          

6.         Copy to be signed and dated           

7.         Copy or re-registered bill of sale        

8.         Notice of satisfaction of a bill of sale to be transmitted to the local registry           

9.         Copies and notices to be numbered and filed         

10.        Index, how to be kept           

11.        Satisfaction to be noted in index       

12.        Satisfaction and inspection of copy  

13.        Certified copies          

First Schedule  

Second Schedule        

1.   Citation

These Rules may be cited as the Bills of Sale Rules.

2.   Time for registering bills of sale executed in the Lagos State

A bill of sale executed in the Lagos State which is a bill of sale which may be registered in and is presented for registration in the principal registry shall be deemed to have been registered within the time prescribed by section 18 of the Bills of Sale Law, if it is registered within seven days after the time at which it would in the ordinary course of post arrive in the principal registry if posted immediately after the execution thereof.

3.   Fees

The fees set out in the First Schedule shall be paid as therein provided.

[First Schedule.]

4.   Memorandum of satisfaction

A memorandum of satisfaction may be ordered to be written upon a registered copy of the bill of sale, on a consent to the satisfaction signed by the person entitled to the benefit of the bill of sale, and verified by affidavit, being produced to the registrar and filed in his office.

5.   Order of memorandum of satisfaction

When the consent in the last preceding rule mentioned cannot be obtained, the registrar may, on application by summons, on hearing the person entitled to the benefit of the bill of sale, or on affidavit of service of the summons on that person, and in either case on proof to the satisfaction of the registrar that the debt (if any) for which the bill of sale was made has been satisfied or discharged, order a memorandum of satisfaction to be written upon a registered copy thereof.

Local Registration

6.   Copy to be signed and dated

The copy of a bill of sale required by section 19 of the Bills of Sale Law to be transmitted to a magistrate shall be signed by the registrar and dated on the day on which it is transmitted by post to the magistrate named therein.

7.   Copy or re-registered bill of sale

When a bill of sale, the copy of which has been transmitted to a magistrate, shall be re-registered, a copy of the re-registration signed and dated by the registrar shall be transmitted by post to the magistrate.

8.   Notice of satisfaction of a bill of sale to be transmitted to the local registry

When a notice of satisfaction shall have been written on any registered or re-registered copy of a bill of sale, a copy of which has been transmitted to a magistrate, a notice of such satisfaction in the form in the Second Schedule duly signed and dated by the registrar shall be transmitted by him to the magistrate to whom a copy of such bill of sale shall have been transmitted.

[Second Schedule.]

9.   Copies and notices to be numbered and filed

Every magistrate shall number the copies and notices of satisfaction in the order in which they shall respectively be received by him, and shall file and keep them in his office.

10.   Index, how to be kept

The magistrate shall keep an index alphabetically arranged, in which he shall enter the surname together with the Christian or other names and the address and description of the mortgagor or assignor, and the number which has been affixed to the copy.

11.   Satisfaction to be noted in index

Upon receipt of a notice of satisfaction the magistrate shall enter the notice of satisfaction on the copy of the bill to which it relates, and shall note in the index against the name of the mortgagor or assignor the fact of the satisfaction having been entered.

12.   Satisfaction and inspection of copy

The magistrate shall allow any person to search the index at any time during office hours, upon payment by such person of a fee of ten kobo, and to make extracts of the copy or notice of satisfaction upon payment of a fee of ten kobo for each copy or notice of satisfaction inspected.

13.   Certified copies

The magistrate shall also, if required, cause a certified copy to be made of any copy or notice of satisfaction on payment of the fees prescribed by the Rules of the High Court for certified copies of documents.

First Schedule

FEES

[Rule 3.]

k         

On filing a bill of sale                                                                                                                                             50        

On filing the affidavit of execution of a bill of sale                                                                                                  30

On filing the affidavit used for the purpose of re-registering a bill of sale                                                               50

On filing affidavit under rule 4                                                                                                                               50

On issuing summons under rule 5                                                                                                                         70

For search of the index kept by the registrar                                                                                                          10

For inspection of a copy of a bill of sale                                                                                                                  10

Second Schedule

NOTICE OF SATISFACTION

[Rule 8.]

Bills of Sale Registry

Registered (or Re-registered).

Copy transmitted.

Satisfaction entered.

Take notice that—

A memorandum of satisfaction to the above Bill of Sale was entered on the register on the above date.

            (Signed)          

            Registrar

Sent on the …………………day of…………………………

To the Magistrate at ……………………………………………….

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA