Section 114 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 114 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Sale of mortgaged property in action for redemption or foreclosure. It provides as follows:

(1) Any person entitled to redeem mortgaged property may have a judgment
or order for sale instead of for redemption in an action brought by him either for
redemption alone, or for sale alone, or for sale or redemption in the alternative.

(2) In any action, whether for foreclosure, or for redemption, or for sale, or for the
raising and payment in any manner of mortgage money, the court, on the request of
the mortgagee, or of any person interested either in the mortgage money or in the
right of redemption, and, notwithstanding that
(a) any other person dissents; or
(b) the mortgagee or any person so interested does not appear in the action;

and without allowing any time for redemption or for payment of any mortgage
money, may direct a sale of the mortgaged property, on such terms as it thinks fit,
including the deposit in court of a reasonable sum fixed by the court to meet the
expenses of sale and to secure performance of the terms.

(3) But, in an action brought by a person interested in the right of redemption and
seeking a sale, the court may, on the application of any defendant, direct the plaintiff
to give such security for costs as the court thinks fit, and may give the conduct of the
sale to any defendant, and may give such directions as it thinks fit respecting the
costs of the defendants or any of them.

(4) In any case within this section the court may, if it thinks fit, direct a sale without
previously determining the priorities of incumbrancers.

(5) This section applies to actions brought either before or after the commencement
of this Law.

(6) In this section “mortgaged property” includes the estate or interest which a
mortgagee would have had power to convey if the statutory power of sale were
applicable.

(7) For the purposes of this section the court may, in favour of a purchaser, make a
vesting order conveying the mortgaged property, or appoint a person to do so,
subject or not to any incumbrance, as the court may think fit; or, in the case of an
equitable mortgage, may create and vest a mortgage term in the mortgagee to enable him to carry out the sale as if the mortgage had been made by deed by way of legal mortgage.