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AUTO ENGINEERING SALES & SERVICES LIMITED & ANOR v. MERCANTILE BANK OF NIGERIA PLC & ORS

(2016) JELR 42318 (CA)

Court of Appeal  •  CA/C/146/2012  •  23 Mar 2016  •  Nigeria

Coram
ONYEKACHI AJA OTISI JCA; PAUL OBI ELECHI JCA; JOSEPH OLUBUNMI KAYODE OYEWOLE JCA;

Judgement

JOSEPH OLUBUNMI KAYODE, J.C.A. (Delivering the Leading Judgment): This is in respect of an appeal against the judgment of the High Court of Cross River State, Calabar Judicial Division delivered on the 5th day of April, 2012 by Akon B. Ikpeme J:

The facts of the case are reasonably straight forward. The appellants were customers of the 1st respondent which subsequently by virtue of liquidation, came under the control of the 5th respondent.

The appellants through the 1st appellant obtained a loan secured by legal mortgage from the 1st respondent. Appellants had difficulties repaying the loan upon which the 1st respondent invoked the powers conferred on it by the legal mortgage and sold the mortgaged property to the 6th respondent. The appellants took out a writ of summons at the High Court of Cross River State in respect of the said sale of the said mortgaged property seeking the following reliefs contained in paragraph 31 of their Further Amended statement of claim dated 16th May, 2003 …

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