CREATION OF MORTGAGES

There are, at common law, two broad types of mortgages, namely, LEGAL and EQUITABLE MORTGAGE.

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(1) LEGAL MORTGAGE

This mortgage created pursuant to statutory provisions. It is usually by Deed. There are three operative laws regulating the creation of legal mortgages in Nigeria, namely,
The Conveyancing Act, 1881 (for States created from the old Northern and Eastern regions and some parts of Lagos), Property & Conveyancing Law, 1959 (for the States created from the old Western and Midwestern regions,) and the Registration of Titles Law, Cap R4 Laws of Lagos state 2003,(for some parts of Lagos, especially Victoria Island, Ikoyi and Surulere, Lagos Island, Yaba , Bariga, Somolu, Apapa, Oyingbo, Badagry . The form and contents of the instrument creating such a mortgage are prescribed by law, and non compliance with the law may be fatal to the entire transaction. Subject to the relevant laws and due execution, a legal mortgage conveys the legal estate of the mortgagor over the property to the mortgagee as security for a loan on the condition that the mortgagor is entitled to redeem the mortgage property upon fulfilment of his obligations under the mortgage.

To be continued with Creation of Legal Mortgage

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