Section 75 Property and Conveyancing Law of the Western Region of Nigeria 1959

Section 75 of the Property and Conveyancing Law of the Western Region of Nigeria 1959 is about Discharge of incumbrances by the court on sales or exchanges. It provides as follows:

(1) Where land subject to any incumbrance, whether immediately realisable or
payable or not, is sold or exchanged by the court, or out of court, the court may, if it
thinks fit, on the application of any party to the sale or exchange, direct or allow
payment into court of such sum as is hereinafter mentioned, that is to say

(a) in the case of an annual sum charged on the land, or of a capital sum charged on a determinable interest in the land, the sum to be paid into court shall be of such
amount as, when invested in trustee securities, the court considers will be sufficient,
by means of the dividends thereof, to keep down or otherwise provide for that
charge; and

(b) in any other case of capital money charged on the land the sum to be paid into
court shall be of an amount sufficient to meet the incumbrance and any interest due
thereon;

but in either case there shall also be paid into court such additional amount as the
court considers will be sufficient to meet the contingency of further costs, expenses
and interest, and any other contingency, except depreciation of investments, not
exceeding one-tenth part of the original amount to be paid in, unless the court for
special reason thinks fit to require a larger additional amount.

(2) Thereupon, the court may, if it thinks fit, and either after or without any notice
to the incumbrancer, as the court thinks fit, declare the land to be freed from the incumbrance, and make any order for conveyance, or vesting order, proper for giving effect to the sale or exchange, and give directions for the retention and investment of the money in court and for the payment or application of the income thereof.

(3) The court may declare all other land, if any, affected by the incumbrance
(besides the land sold or exchanged) to be freed from the incumbrance, and this
power may be exercised either after or without notice to the incumbrancer, and
notwithstanding that on a previous occasion an order, relating to the same
incumbrance has been made by the court which was confined to the land then sold
or exchanged.

(4) On any application under this section the court may, if it thinks fit, as respects
any vendor or purchaser, dispense with the service of any notice which would
otherwise be required to be served on the vendor or purchaser.

(5) After notice served on the persons interested in or entitled to the money or fund
in court, the court may direct payment or transfer thereof to the persons entitled to
receive or give a discharge for the same, and generally may give directions
respecting the application or distribution of the capital or income thereof.

(6) This section applies to sales or exchanges whether made before or after the
commencement of this Law, and to incumbrances whether created by statute or
otherwise.