Section 57 Mortgage and Property Law of Lagos State

Section 57 of the Mortgage and Property Law of Lagos State 2010 is about Payment into escrow accounts. It provides as follows:

If the terms of any home loan or sub-prime mortgage deed require the borrower to make payments to any mortgage institution to deposit into an escrow account for the purpose of assuring payment of taxes, insurance premiums, and other charges with respect to the property, the mortgage institutions shall make payments from the escrow account for such taxes.