An Appraisal of the Legal Framework Regulating Mortgage of Landed Property as Security for Loans from Banks in Nigeria

Abstract

Mortgage is important to any nation. The idea of the use of Landed property as a security for obtaining loan, does not only facilitate subsequent transactions but also impact on the economy as a whole as it creates an avenue for the free flow of cash with expected returns on investments. However, the complex body of mortgage transaction does require a proper legal framework to put the system in proper perspective and to define the rights and obligations of the parties concerned. In Nigeria, the law regulating mortgage transactions have developed overtime. Therefore, in this article, we seek to trace the development of the law until what is obtainable in recent times, subsequently proffering recommendations on possible future developments.