Section 67 Mortgage and Property Law of Lagos State

Section 67 of the Mortgage and Property Law of Lagos State 2010 is about Interpretation. It provides as follows:

In this law unless the context otherwise requires –
“Auditor-General” means the Lagos State AuditorGeneral;

“Conveyance” includes a mortgage, charge, leases, assent, vesting declaration, disclaimer, release and every other assurance of property or of an interest
therein by instrument except a will;

“Convey” has a corresponding meaning:

“Court” means the state High court;

“Disposition” includes a conveyance and also devise, bequest or an appointment of property contained in a will:

“Dispose of “ has a corresponding meaning

“Equitable powers” means all the powers in or over land under which equitable interest or powers only can be transferred or created;

“Home loan” means a home loan, including all inclusive credit plans, in which –
(a) the principal amount of the loan does not exceed the conforming loan size limit for a comparable dwelling as established from the time to time by the board.
(b) the borrower is a natural person,
(c) the debit is incurred by the borrower primarily for personal, family or household purposes

(d) the loan is secured by a mortgage, legal charge or deed of trust on land where there is located or there is to be located a structure or structures intended principally for residential accommodation or which will b occupied by the borrower as borrower’s principal dwelling, and

(e) the property is located in Lagos state
“Commissioner” means the commissioner for finance, Lagos state;
“Income” includes rents and profits;
“Legal mortgage” means a mortgage by demise or sub-demise or a change by way of legal mortgage and “Legal mortgage” has corresponding meaning:

Legal Powers” includes the power vested in a change by way of legal mortgage or in an estate owner under which is a legal estate can be transferred or created;
“Lessee” includes a sub-lease and a person deriving title under a lessee or sub-lease; and

“Lessor” includes a sub-Lessor and a person deriving title under a Lessor or sub-lessor.

“Mortgage” means a transfer of an interest in specific movable or immovable property for the purpose of securing the payment of money advanced
or to be advanced by way of loan, an existing future debt or the performance of an engagement which may give rise to pecuniary liability and includes any charge or lien on any property for securing money or money’s worth;

“Mortgage Company” means mortgage institution licensed under the mortgage institution Act;
“Mortgage money” means money or money’s worth secured by a mortgage;