Section 23 Mortgage and Property Law of Lagos State

Section 23 of the Mortgage and Property Law of Lagos State 2010 is about Right to sue for mortgage money. It provides as follows:

The mortgagee has a right to sue for mortgage money where—

(a) the mortgagor binds himself to repay same;

(b) the mortgaged property is wholly or partly destroyed or the security is rendered insufficient and the mortgagee has given, the mortgagor a reasonable opportunity of providing further security enough to render the whole security sufficient and the mortgagor has failed to do so; and

(c) the mortgagee is deprived of the whole or part of his security by or in consequence of the wrongful act or default of the mortgagor.

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