ENFORCEMENT OF MORTGAGE SECURITY IN NIGERIA (Published)
This paper critically examines the five methods of enforcement of mortgage security recognized by law namely: Enforcement of covenant to repay, entering into possession, and sale of mortgaged property, appointment of a receiver and foreclosure of the equity of redemption. Here, where one method does not satisfy the debt owed to the mortgagee, he can adopt another method accordingly. This paper further clarifies to us that once Foreclosure Proceedings are embarked upon by the mortgagee, he cannot afterwards fall back on any of the other remedies earlier mentioned. However, it is suggested that the Mortgagee in exercising the power of sale should take care to obtain a proper price and not sell the mortgaged property at an undervalue. The paper further discussed the protection of a purchaser of the mortgaged property, injunction against the mortgagee’s exercise of power of sale on five grounds listed and briefly discussed, and of course, the right of the mortgagor. Suggestions for improvement of the mortgagee and mortgagor relationship were given at the concluding pages of this work
Keywords: Action for Foreclosure, Equity of Redemption, Mortgagee, Mortgagee’s power of Sale, Mortgagor, sale of mortgaged property