Section 37 Mortgage and Property Law of Lagos State

Section 37 of the Mortgage and Property Law of Lagos State 2010 is about Regulation of Exercise of Power of Sale. It provides as follows:

(1) A mortgagee shall not exercise the power of sale conferred by this law unless-

(i) notice requiring payment of thee mortgage money has been served on the mortgagor or one of two or mortgagor, and default has been massed in payment of the mortgage money , interest on it or of part of it, for two months after such service or

(ii) there has been a breach of some provision contained in the mortgage deed or in this law, and on the part of the mortgagor, or of some person concurring in making the mortgage, to be observed or performed, other that and besides a covenant for payment of the mortgage money or interest thereon.

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