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MR. SUNDAY ADEGBITE TAIWO v. SERAH ADEGBORO & ORS

(2011) JELR 11905 (SC)

Supreme Court  •  SC.96/2002  •  20 May 2011  •  Nigeria

Coram
ALOMA MARIAM MUKHTAR JSC; WALTER SAMUEL NKANU ONNOGHEN JSC; FRANCIS FEDODE TABAI JSC; IBRAHIM TANKO MUHAMMAD JSC; BODE RHODES-VIVOUR JSC;

Judgement

BODE RHODES-VIVOUR, JSC (Delivering the Leading Judgment): The Late Michael Adegboro was the Chairman and Managing Director of Adegboro Constructions (Nig.) Ltd.

By a Legal Mortgage Deed executed on the 20th of March, 1993 between Adegboro Constructions (Nig,) Ltd of No. 245 Ibrahim Taiwo Road, Ilorin, Kwara state, as the borrower, Late Michael Adegboro, also of No. 245 Ibrahim Taiwo Road, Ilorin as the surety, on one part, and the now defunct Societe Generale Bank (Nig) Ltd as the lending Bank on the other part, the Late Michael Adegboro secured a loan of ₦80,000 for his company by agreeing to mortgage his property situate on Agbabiaka Road, Gaa Akanbi area, near Agba Dam Housing Estate, Ilorin, Kwara state. The property is identified with Customary Right of Occupancy No. 1579 dated the 30th of July, 1976. In that property lived his wife and children. The company and the surety defaulted in the payment of the loan, and at the time of his death on the 16th of September 1984 the loan …

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