Section 62 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 62 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Meaning of the statutory trusts. It provides as follows:

For the purposes of this Law land held upon the “statutory trusts” shall be held
upon the trusts and subject to the provisions following, namely, upon trust to sell the same and to stand possessed of the net proceeds of sale, after payment of costs, and of the net rents and profits until sale after payment of rates, taxes, costs of insurance, repairs, and other outgoings, upon such trusts, and subject to such powers and provisions, as may be requisite for giving effect to the rights of the persons (including an incumbrancer of a former undivided share or whose incumbrance is not secured by a legal mortgage) interested in the land.