Section 127 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 127 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Application of proceeds of sale. It provides as follows:

The money which is received by the mortgagee, arising from the sale, after
discharge of prior incumbrances to which the sale is not made subject, if any, or after payment into court under this Law of a sum to meet any prior incumbrance, shall be held by him in trust to be applied by him, first, in payment of all costs, charges, and expenses properly incurred by him as incident to the sale or any attempted sale, or otherwise; and secondly, in discharge of the mortgage money, interest, and costs, and other money, if any due under the mortgage; and the residue of the money so received shall be paid to the person entitled to the mortgaged property, or authorised to give receipts for the proceeds of the sale thereof.