GASPRO International Journal of Eminent Scholars

ABSTRACT

Human beings are by nature deceitful, coupled with the prevalence of unforeseen circumstances, which becloud the business environments, thus giving rise to every lender of money to make adequate provision for security before lending his money out. A creditor who obtains security for any credit given is assured of a great control over his debtor. However, by the law-regulating mortgage, the lender acquires a right over the mortgaged property and in the event of failure to repay, he may apply any of the remedies available to him in enforcing the payment of what is accruable to him under the mortgage transaction. It should be noted that mortgage of real estate remains an area of law not easy to delineate, understand or comprehend by students of Law of Real Property. In executing this research work, we adopted the doctrinal methodology of research in order to make our recommendations and draw conclusions.

KEYWORDS: Mortgagee, Power of sale, Secured credit transactions and Nigeria