Section 30 Mortgage and Property Law of Lagos State

Section 30 of the Mortgage and Property Law of Lagos State 2010 is about Obligation to transfer instead of recovering and right to take possession. It provides as follows:

(1) Where a mortgagor is entitled to redeem, subject to compliance with the terms on which he would be entitled to require a reconveyance or surrender, he shall be entitled to require the mortgagee, instead of reconveying or surrendering, to assign the mortgage debt and convey the mortgaged property to any third person, as the mortgagor directs and the mortgagee shall be bound to assign and convey accordingly.

(2) The rights conferred by this section belong to and are capable of being enforced by each encumbrancer, or by the mortgagor, notwithstanding any intermediate encumbrance, but a requisition of an encumbrancer prevails over a requisition of the mortgagor, and as between encumbrancers, a requisition of a prior encumbrancer prevails over a requisition of a subsequent encumbrancer.

(3) The provisions of this section do not apply in the case of a mortgagee being or having been in possession.

(4) Nothing in this Law affects prejudicially the right of a mortgagee of land whether or not his charge is secured by a legal term of years absolute to
take possession of the land, but the taking of possession by the mortgagee does not convert any legal estate of the mortgagor into an equitable interest.

(5) This section applies to mortgages made either before or after the commencement of this Law, and takes notwithstanding any provisions to the contrary.

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