Section 29 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 29 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Trust for sale of mortgaged property where right of redemption is barred. It provides as follows:

(1) Where any property, vested in trustees by way of security, becomes, by virtue
of any enactment relating to the limitation of actions, or of an order for foreclosure or otherwise, discharged from the right of redemption, it shall be held by them on trust for sale.

(2) The net proceeds of sale, after payment of costs and expenses, shall be applied in like manner as the mortgage debt, if received, would have been applicable, and the income of the property until sale shall be applied in like manner as the interest, if received, would have been applicable; but this sub-section operates without prejudice to any rule of law relating to the apportionment of capital and income between tenant for life and remainderman.

(3) This section does not affect the right of any person to require that, instead of a sale, the property shall be conveyed to him or in accordance with his directions.

(4) This section applies whether the right of redemption was discharged before or after the commencement of this Law, but has effect without prejudice to any dealings or arrangements made before that date.