Mortgage and Property Law of Lagos State

A Law to Establish the Lagos State Mortgage Board, 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) (23rd August, 2010)

Sections

Section 1 MPL 2010 – Establishment of the Lagos State Mortgage Board

Section 2 MPL 2010 – Composition of the Board

Section 3 MPL 2010 – Remuneration of members of the Board

Section 4 MPL 2010 – Tenure of office of the members of the Board

Section 5 MPL 2010 – Meetings and quorum

Section 6 MPL 2010 – Power to co-opt

Section 7 MPL 2010 – Functions of the Board

Section 8 MPL 2010 – Powers of the Board

Section 9 MPL 2010 – Secretary to the Board

Section 10 MPL 2010 – Staff of the Board

Section 11 MPL 2010 – Pensions

Section 12 MPL 2010 – Negotiating lesser fees for documents presented for stamping and registrations

Section 13 MPL 2010 – Financial provisions

Section 14 MPL 2010 – Annual report

Section 15 MPL 2010 – Mode of creating mortgages

Section 16 MPL 2010 – Mode of creating mortgages

Section 17 MPL 2010 – charges by way of Legal Mortgage

Section 18 MPL 2010 – Equitable mortgage

Section 19 MPL 2010 – Realisation of a Right of Occupancy

Section 20 MPL 2010 – Realisation of leasehold mortgages

Section 21 MPL 2010 – Realisation of equitable charges by the Court

Section 22 MPL 2010 – Sale of mortgaged property

Section 23 MPL 2010 – Right to sue for mortgage money

Section 24 MPL 2010 – Actions for orders or reliefs

Section 25 MPL 2010 – Matters which the Court must take into consideration when giving orders

Section 26 MPL 2010 – Order for injunction

Section 27 MPL 2010 – Power of court to refer disputes to board for mediation or arbitration

Section 28 MPL 2010 – Consolidation of mortgages

Section 29 MPL 2010 – Tacking and further advances

Section 30 MPL 2010 – Obligation to transfer instead of recovering and right to take possession

Section 31 MPL 2010 – Inspection, production and delivery of documents and priorities

Section 32 MPL 2010 – Priorities between mortgages

Section 33 MPL 2010 – Leasing powers of mortgagor and mortgagee in possession

Section 34 MPL 2010 – Power of mortgagor and mortgage in possession to accept surrender of leases

Section 35 MPL 2010 – Powers incidental to estate or interest of mortgagee to sell, insure, appoint receiver, etc.

Section 36 MPL 2010 – Power to sell undivided share of mortgage property

Section 37 MPL 2010 – Regulation of Exercise of Power of Sale

Section 38 MPL 2010 – Assignment on sale

Section 39 MPL 2010 – Application of proceeds of sale

Section 40 MPL 2010 – Exercise of the power of sale

Section 41 MPL 2010 – Mortgagee’s receipts, discharge, etc.

Section 42 MPL 2010 – Amount and application of insurance money

Section 43 MPL 2010 – Appointment powers, remuneration and duties of receiver

Section 44 MPL 2010 – Effect of advance payment on joint account

Section 45 MPL 2010 – Notice of trust affecting mortgage debts

Section 46 MPL 2010 – Transfer of mortgages

Section 47 MPL 2010 – Reconveyances of mortgages by indorsed receipts

Section 48 MPL 2010 – Cesser of mortgage terms

Section 49 MPL 2010 – Terms statutory legal charge

Section 50 MPL 2010 – Forms of statutory transfer of legal charges

Section 51 MPL 2010 – Joint and several implied covenants

Section 52 MPL 2010 – Forms

Section 53 MPL 2010 – Filling of mortgage instruments

Section 54 MPL 2010 – Protection of mortgagors from unconscionable practices

Section 55 MPL 2010 – Estimate of charges

Section 56 MPL 2010 – Regulation of mortgage promotion

Section 57 MPL 2010 – Payment into escrow accounts

Section 58 MPL 2010 – Prohibiting against kickbacks and unearned fees

Section 59 MPL 2010 – Prohibition of collateral contract

Section 60 MPL 2010 – Prohibition against negative amortisation

Section 61 MPL 2010 – Financing of insurance or other products sold in connection with the loan

Section 62 MPL 2010 – Prohibition of fees for preparation and submission of loan application for borrowers

Section 63 MPL 2010 – Power to make regulations

Section 64 MPL 2010 – Enforceability of a contract of mortgage

Section 65 MPL 2010 – Interest in land

Section 66 MPL 2010 – Penalties for violations, joint and several liability, treble damages, actions for injunction by Attorney-General of the State, costs and attorney fees

Section 67 MPL 2010 – Interpretation

Section 68 MPL 2010 – Repeal

Section 69 MPL 2010 – Citation and commencement

---

SCHEDULES – (Not Available Now)