Section 40 Mortgage and Property Law of Lagos State

Section 40 of the Mortgage and Property Law of Lagos State 2010 is about Exercise of the power of sale. It provides as follows:

(1) The power of sale conferred by this Law may be exercised by any person for the time being entitled to receive and give a discharge for the mortgage money.

(2) The power of sale conferred by this Law does not affect the right of closure.

(3) The mortgagee shall not be answerable for any involuntary loss happening in or about the exercise or execution of the power of sale conferred by the law,
or of any trust connected with it, or where the mortgage is executed after the commencement of this law, of any power or provision contained in the
mortgage deed.

(4) At any time after the power of sale conferred by this Law has become exercisable, the person entitled to exercise the power may demand and
recover from any person, other than a person having in the mortgaged property an estate, interest or right in priority to the mortgage all the deeds and document relating to the property or to the title, which a purchaser under the power of sale would be entitled to demand and recover from him.

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