Section 46 Mortgage and Property Law of Lagos State

Section 46 of the Mortgage and Property Law of Lagos State 2010 is about Transfer of mortgages. It provides as follows:

(1) A deed executed by a mortgagee purporting to transfer his mortgage or the benefit of it shall, unless a contrary intention is expressed, and subject to provisions contained in it, operate to transfer to the transferee –

(a) the right to demand, sue for, recover and give receipts for the mortgage money or the unpaid part of it, and the interest then due, if any, and subsequently to become due on it;

(b) the benefit of all securities for the same and the benefit of and the right to sue on all covenants with the mortgagee, and the right to exercise all powers of the mortgagee; and

(c) all the estate and interest in the mortgaged property then vest in the mortgagee subject to redemption or cesser but as to such estate and
interest subject to the right of redemption then subsisting.

(2) In this section, “transferee” includes his personal representatives and assigns.

(3) A transfer of mortgage maybe made in the form contained in the First Schedule of this Law with such variations and additions, if any, as the circumstances may require.

(4) This section applies, whether the mortgage transferred was made before or after the commencement of this Law.

(5) This section does not extend to a transfer of a bill of sale of chattels by way of security.

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