Section 41 Mortgage and Property Law of Lagos State

Section 41 of the Mortgage and Property Law of Lagos State 2010 is about Mortgagee’s receipts, discharge, etc. It provides as follows:

(1) The receipt in writing of a mortgagee shall be a sufficient discharge for any money arising under the power of sale conferred by this Law, or for any money or securities comprised in his mortgage, or arising, under it, and a person paying or transferring the same to the mortgagee shall not be concerned to inquire whether any money remains due under the mortgage.

(2) Money received by a mortgagee under his mortgage or from the proceeds of securities comprised in his mortgage shall be applied in like manner as in this Law directed respecting money received by him arising from a sale under the powers
of sale conferred by this Law, but with this Variation, that the cost, charges and expenses payable shall include the costs, charges and expenses properly
incurred of recovering and receiving the money or securities, add of conversion of securities info money instead of those incident to sale.