CAPACITIES OF PARTIES TO A MORTGAGE

See the Infant Relief Act, 1874 that is applicable in the North, East and Lagos.It states:

“All contracts, whether by specialty or by simple contracts, entered into by infants for the repayment of money lent or to be lent is void absolutely.”

In the PCL States, a legal mortgage of land is not to be made or transferred to an infant. Such agreement shall operate as an agreement for valuable consideration to execute a proper conveyance when the infant attains full age. In the meantime, to hold any beneficial interest in the mortgage debt in trust for persons for whose benefits the conveyance was intended to be made. Where conveyance is made for persons who are of full age and also infants, it shall operate as if the infant had not been named therein.

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In other words, you can make a legal mortgage in that instance.So, when we have persons of full age and an infant the law takes it that the infant does not exist but it does not mean that his interest is extinguished.

***CAPACITIES OF PARTIES TO A MORTGAGE

See the Infant Relief Act, 1874 that is applicable in the North, East and Lagos.It states:

“All contracts, whether by specialty or by simple contracts, entered into by infants for the repayment of money lent or to be lent is void absolutely.”

In the PCL States, a legal mortgage of land is not to be made or transferred to an infant.Such agreement shall operate as an agreement for valuable consideration to execute a proper conveyance when the infant attains full age. In the meantime, to hold any beneficial interest in the mortgage debt in trust for persons for whose benefits the conveyance was intended to be made. Where conveyance is made for persons who are of full age and also infants, it shall operate as if the infant had not been named therein.In other words, you can make a legal mortgage in that instance. So, when we have persons of full age and an infant the law takes it that the infant does not exist but it does not mean that his interest is extinguished.

To be continued with TRUSTEES

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