Section 132 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 132 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Effect of advance on joint account. It provides as follows:

(1) Where
(a) in a mortgage, or an obligation for payment of money, or a transfer of a mortgage or of such an obligation, the sum, or any part of the sum, advanced or owing is expressed to be advanced by or owing to more persons than one out of money, or money, belonging to them on a joint account; or (b) a mortgage, or such an obligation, or such a transfer is made to more persons than one, jointly;

the mortgage money, or other money or money’s worth, for the time being due to
those persons on the mortgage or obligation, shall, as between them and the
mortgagor or obligor, be deemed to be and remain money or money’s worth
belonging to those persons on a joint account; and the receipt in writing of the
survivors or last survivor of them, or of the personal representative of the last survivor, shall be a complete discharge for all money or money’s worth for the time being due, notwithstanding any notice to the payer of a severance of the joint account.

(b) the benefit of all securities for .the same, and the benefit of and the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee; and
(c) all the estate and interest in the mortgaged property then vested in the mortgagee subject to redemption or cesser, but as to such estate and interest subject to the right of redemption then subsisting.

See also  Section 195 of the 1999 Constitution of Nigeria (Updated)

(2) In this section “transferee” includes his personal representatives and assigns.

(3) A transfer of mortgage may be made in the form contained in the Third Schedule to this Law with such variations and additions, if any, as the circumstances may require.

(4) This section applies, whether the mortgage transferred was made before or after the commencement of this Law, but applies only to transfers made after the commencement of this Law.

(5) This section does not extend to a transfer of a bill of sale of chattels by way of
security.


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