Section 15 Mortgage and Property Law of Lagos State

Section 15 of the Mortgage and Property Law of Lagos State 2010 is about Mode of creating mortgages. It provides as follows:

(1) A mortgage of a right of occupancy in land shall be created at Law either by a demise for a term of years absolute, subject to a provision for censer on redemption, or by a charge by deed expressed to be by way of legal mortgage, or by a charge by deed expressed to be by way of statutory mortgage in the
forms provided under this law:

Provided that a first mortgagee shall have the same right to possession of documents as if his security included a right of occupancy.

(2) Any purported assignment by way of mortgage made after the commencement of this Law shall (to the extent of the estate of the mortgagor) operate as a demise of the land to the mortgagee for a term of years absolute, but subject to redemption.

(3) This section applies whether or not the mortgage is made by way of sub-mortgage of a term of years absolute, or is expressed to be by way of
trust for sale or otherwise.

(4) Without prejudice to the provisions of this Law in respect of legal and equitable powers, every power to mortgage or to lend money on mortgage of a right
of occupancy by way of conveyance shall be construed as a power to mortgage the term by demise for a term of years absolute or by a charge, by way of legal mortgage, or to lend on such security.

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