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FEDERAL MORTGAGE BANK (NIGERIA) PLC. V. DR. ELISHA BAMIDELE BABATUNDE

(1999) JELR 57765 (CA)

Court of Appeal  •  CA/IL/15/99  •  30 Jun 1999  •  Nigeria

Coram


Judgement

AMAIZU, JCA.: (Delivering the Leading Judgment): This is an appeal against the judgment of Belgore J., of the Kwara State High Court, sitting at Ilorin. The facts of the case briefly are as follows: In 1983, the plaintiff, referred to in this judgment as the respondent, took a loan of N45,000 (Forty Five Thousand Naira only) from the 1st defendant, referred to now as the appellant, with which to erect a house. In order to secure the loan, the respondent deposited the title deeds of his property at No. 9, Cemetery Road, G.R.A., Ilorin, with the appellant. On the 1st day of December, 1983, the respondent executed a deed of mortgage in respect of the property.

When the respondent defaulted in making his instalmental payment, as provided for in the mortgage deed, the appellant secured the services of an auctioneer, the 2nd defendant in the suit in the High Court to dispose of the mortgaged property, that is, No. 9 Cemetery Road, G.R.A., Ilorin, in order to satisfy the indebtedness.

The au…

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