Section 129 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 129 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Mortgagee’s receipts, discharges, etc. It provides as follows:

(1) The receipt in writing of a mortgagee shall be a sufficient discharge for any
money arising under the power of sale conferred by this Law, or for any money or
securities comprised in his mortgage, or arising thereunder; and a person paying or transferring the same to the mortgagee shall not be concerned to inquire whether any money remains due under the mortgage.

(2) Money received by a mortgagee under his mortgage or from the proceeds of
securities comprised in his mortgage shall be applied in like manner as in this Law
directed respecting money received by him arising from a sale under the power of sale conferred by this Law, but with this variation, that the costs, charges, and
expenses payable shall include the costs, charges, and expenses properly incurred of recovering and receiving the money or securities, and of conversion of securities into money, instead of those incident to sale.