ADEKEYE, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of Ogun State High Court of Justice - Ijebu-Ode Judicial Division, delivered on the 6th of July, 1999. This judgment emanated from suit No.HC/119/97 which was heard under undefended list and the lower court awarded judgment to the respondent in the sum of N482,614.16 with interest at the rate of 21% per annum from the 1st of November, 1997, until the date of judgment and thereafter, interest at the rate of 10%, until final liquidation of the debt. The plaintiff before the lower court, the Union Bank of Nigeria, stated in affidavit sworn to by Tajudeen Adesegun Ajibade, an appraisal officer of the bank that the defendant - Samuel Tele Onadeko, was a customer at Ijebu-Ode branch. In the course of their bank and customer relationship - the defendant took a loan of N30,000.00, sometime in 1983. The plaintiff secured the loan by mortgaging its landed property at No.2 Oriwu Street, Atikori, Ijebu-Igbo …