Section 52 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 52 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Provisions as to consideration. It provides as follows:

(1) All money, not being rent, payable by the trustees for sale in respect of any
transaction to which any of the three last preceding sections relates shall be paid out of capital, and all money, not being rent, received on the exercise by the trustees for sale of the powers conferred by any of those sections, shall, unless the court, on an application made within six months after the receipt thereof or within such further time as the court may in special circumstances allow, otherwise directs, be applicable in the same manner as if the money represented proceeds of sale arising under the trust for sale.

(2) For the purpose of the three last preceding sections “consideration in money or otherwise” means
(a) a capital sum of money or a rent;

(b) land being freehold or leasehold for any term of years whereof not less than sixty years shall be unexpired;

(c) any easement, right or privilege over or in relation to the trust land, or any part
thereof, or any other land;
(d) the benefit of any restrictive covenant or condition; and

(e) the release of the trust land, or any part thereof, or any other land, from any
easement, right or privilege, including a right of pre-emption, or from the burden of any restrictive covenant or condition affecting the same.