Section 55 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 55 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Completion of transactions by conveyance. Miscellaneous Provisions. It provides as follows:

(1) On a sale, exchange, lease, mortgage, charge, or other disposition, the
trustees for sale may, as regards land sold, given in exchange, leased, mortgaged, charged, or otherwise disposed of, or intended so to be, or as regards easements or other rights or privileges sold, given in exchange, leased, mortgaged, or otherwise disposed of, or intended so to be, effect the transaction by deed to the extent of the estate or interest vested or declared to be vested in them or any less estate or interest, in the manner requisite for giving effect to the sale, exchange, lease, mortgage, charge, or other disposition, but so that a mortgage shall be effected by the creation of a term of years absolute in the trust land or by charge by way of legal mortgage, and not otherwise.

(2) Such a deed, to the extent and in the manner to and in which it is expressed or
intended to operate and can operate under this Law is effectual to pass the land conveyed, or the easements, rights, privileges or other interests created, discharged from all the limitations, powers, and provisions of the settlement, and from all estates, interests, and charges subsisting or to arise thereunder, but subject to and with the exception of

(i) all legal estates and charges by way of legal mortgage having priority to the
settlement; and
(ii) all legal estates and charges by way of legal mortgage which have been conveyed or created for securing money actually raised at the date of the deed;
(iii) all leases at a rent or otherwise and all grants of easements, rights of common
or other rights or privileges which

(a) were before the date of the deed granted or made for value or agreed so to be
made by the trustees for sale under the settlement or under any statutory power or are at the date otherwise binding on them; and

(b) are at the date of the deed protected under this Law by reason of their registration under the Land Instruments Registration Law if capable of registration thereunder.

(3) Notwithstanding registration of a general equitable charge under the Land
Instruments Registration Law, a disposition by trustees for sale under this Law
operates to over-reach such charge which shall, according to its priority, take effect as if limited by the instrument creating the trust for sale.

(4) Where a lease is by this Law authorised to be made by writing under hai d only, such writing shall have the same operation under this section as if it had been a deed.