KUMAI BAYANG AKAAHS, J.C.A (Delivering the Leading Judgment): This is a ruling delivered against the Defendants/Appellants by the High Court of Akwa Ibom State, holden at Ndiya Ikot Imo, Ikono Judicial Division presided over by Abraham J. on 6/6/2006 in Suit No. HKN/26/2005. The facts leading to this appeal are as follows:
The First Bank Plc. granted credit/loan facilities to Ndarake and Sons (Nig) limited which were secured by three separate deeds of legal mortgage covering three separate properties and registered in the Lands Registry, Calabar. After drawing down on the loan facility, Ndarake and Sons (Nig) Limited defaulted on the payment of the loan together with interest. The Bank wrote several demand letters to the company but the latter replied pleading for time to settle its indebtedness to the Bank. When it became apparent that the company was unwilling to repay the loan and the accumulated interest, the Bank instructed its auctioneer to auction the mortgaged properties. Foll…