MOHAMMED, J.S.C.: (Delivering the Leading Judgment): This is an appeal from the decision of Lagos Division of the Court of Appeal. The material facts about this appeal may be stated briefly as follows:
The 1st appellant granted a loan to the 2nd respondent and as security for the loan the 1st respondent executed a deed of legal mortgage over the property in dispute. The property is situated at No. 53, Coker Road, Ilupeju Layout, Lagos. The property belonged to the 1st respondent. When the 1st and 2nd respondents defaulted on the repayment of the loan the 1st appellant exercised its power of sale and sold the mortgaged property to the 2nd and 3rd appellants.
The 1st and 2nd respondents then went to court and filed an action in the Lagos High Court challenging the sale of the property by the 1st appellant to the 2nd and 3rd appellants. Before the hearing of the action, the 1st and 2nd respondents filed a motion and applied for an interlocutory injunction restraining the 2nd and 3rd ap…