AN APPRAISAL OF MORTGAGE OF LANDED PROPERTY AS SECURITY FOR LOAN FROM BANKS IN NIGERIA


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TABLE OF CONTENTS

Title page
Abbreviation
Table of Cases
Table of Statues
Abstract
Table of Content

CHAPTER ONE
GENERAL INTRODUCTION
1.1       Background to the Study
1.2       Statement of the Problem
1.3       Aim and Objective of the Study
1.4       The Scope of Study
1.5       Justification
1.6       Research Methodology
1.7       Literature Review
1.8       Organizational Layout

CHAPTER TWO
THE DEVELOPMENT OF MORTGAGE INSTITUTION IN NIGERIA AND CREATION OF MORTGAGE TRANSACTIONS
2.1       Conceptual Clarification of Terms
2.2       The Legal Framework of Mortgage Institutions in Nigeria
2.3       Mortgage Institutions
            2.3.1    Federal Mortgage Bank of Nigeria
            2.3.2    Primary Mortgage Institutions
            i.          Mortgage Bankers
            ii.         Mortgage Corporation of States
            iii.        Commercial Banks
            iv.        Housing Schemes
            v.         Insurance Companies
2.4       Creating Mortgage Transaction
            2.4.1    Legal Mortgages
            2.4.2    Equitable Mortgage

CHAPTER THREE
MORTGAGE UNDER THE LAND USE ACT
3.1       Introduction
3.2       Importance of Land
            3.2.1  Importance of Land in the Mortgage Industry
            3.2.2  Land as Security for Loan Under Banking Law
3.3       The Land Use Act
            3.3.1  The Land Use Act
            3.3.2  Consent
            3.3.3  Consent Requirement in the Perfection of Legal Mortgages
3.3.4  Outline of the Procedure to obtain the Governors Consent to Mortgage a property covered by statutory Right of Occupation in Kaduna State
3.4       Developed Land
3.5       Undeveloped Land
3.6       Compensation for Development and Undeveloped Land

CHAPTER FOUR
Breach of Mortgage and Consequences
4.1       Introduction
4.2       Enforcement of the Right of Mortgagee in the Event of a Breach
4.3       Rights of a Mortgagor
4.4       Death of the Parties to a Mortgage

CHAPTER FIVE
SUMMARY, FINDINGS AND RECOMMENDATIONS
5.1       Summary
5.2       Findings
5.3       Recommendation
Bibliography



ABSTRACT

This dissertation aimed at examining the problems associated with mortgage transactions in Nigeria which has created a lacuna in using Landed Property as security for loan. Land being one of the most important security for capital investment business and agriculture because of it’s acceptability is used to raise loans and advance from banks. The sources of information relied upon here are, related text materials, Judicial authorities, Statutes, Journals and Conference papers. Based on this sources this research found that mortgage of Landed Property is beset with a lot of litigation, default, delay and high cost of registration, discouraging investors and bankers, making mortgage transaction difficult and unattractive. Therefore using land as security for loan under banking law in Nigeria is hampered by an interplay of institutional, economic and social factors, such as protracted litigation, default, delay and high cost of registration as a result of inefficient and ineffective laws and also the entrenchment of the Land Use Act in the Constitution. On this note, this research was concluded by recommending that there is need to review laws, policies guiding mortgage transactions. There is also the need for a well defined policy in mortgage transaction and institutions to ease the registration process, the need to separate the Land Use Act from the Nigeria Constitution so as to make room for flexibility of transfer, alienation of interest and obtaining Governors consent in mortgage of Landed property.





CHAPTER ONE

GENERAL INTRODUCTION

1.1            Background to the Study


The Legal atmosphere in any given society affects business operation. Business strives well when business legislation are well defined and aimed at creating a favourable environment for business to thrive. These pieces of legislation will further national goals, stimulating the economy, conserving foreign exchange, enhancing competition among business entities, by prohibiting monopolistic tendencies and unfair method of competition by firms. It will also ensure that contracts are entered into and executed, with justice done to the parties and their right adequately protected.

In Nigeria, there is a plethora of business and commercial laws that govern different aspects of business environment for example, banking, insurance, capital market, etc. At this point, it is important to know what “law is”. For the purpose of this study, we shall adopt some definitions.

The definition by an eminent Nigerian jurist is that, “the law of a given society is the body of rules, which are recognized as obligatory by its members”.....

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