Section 85 Land Registration Law (LRL) Lagos State 2015

Section 85 of the Land Registration Law (LRL) of Lagos State 2015 provides as follows:

(1) Where the holder of any land, sub-lease or mortgage is a company in Receivership and the Liquidator produces to the Registrar a certified copy of the resolution or order appointing him liquidator, together with an application in the prescribed form to have notice of the appointment entered in the appropriate register, the Registrar shall, enter notice accordingly on being satisfied that there is no contrary order of court; and when so entered, the liquidator shall have the powers of disposition conferred on him by such resolution or order or by any law’ in respect of such land, sub-lease or mortgage.

(2) Failure on the part of the liquidator to notify the Registrar as prescribed in subsection (1) of this Section, within three (3) months will attract a tine of one million naira (N1,000,000.00) and any earlier registered dealing in the land before the registration of the notice of the appointment of liquidator, being for value takes precedence without notice.

(3) Any person who becomes a beneficiary of such a disposition shall obtain the Governor’s consent.

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