Section 44 Mortgage and Property Law of Lagos State

Section 44 of the Mortgage and Property Law of Lagos State 2010 is about Effect of advance payment 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 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.

(2) This section applies if a contrary intention is not expressed in the mortgage, obligation or transfer and has effect subject to the terms of the mortgage, obligation, or transfer and to the provisions contained in it.

(3) This section applies to any mortgage or transfer made after 30th June 2010.

[/membership]