Section 54 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 54 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Power to raise money by mortgage. It provides as follows:

(1) Where money is required for any of the following purposes namely:
(i) Discharging an incumbrance on the trust land or part thereof;
(ii) Paying for any improvement authorised by the settlement;

(iii) Equality of exchange;
(iv) Payment of the costs of any transaction authorised by this section;
the trustees for sale may raise the money so required, on the security of the trust
land, or of any part thereof, by a legal mortgage, and the money so raised shall be
applicable in the same manner as if it represented proceeds of sale arising under the trust for sale.

(2) “Incumbrance” in this section does not include any annual sum payable only
during a life or lives or during a term of years absolute or determinable.

(3) The restrictions imposed by this Part of this Law on the leasing powers of
trustees for sale do not apply in relation to a mortgage term created under this Law.