The Mortgage & Property Law 2010 of Lagos State: An Overview
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Date
2015
Authors
ADEKILE, OLUWAKEMI
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Private & Property Law, Faculty of Law, University of Lagos
Abstract
This is an evaluation of the Lagos State Mortgage and Property law 2010 as it impacts the administration of mortgage transactions in the State. In enacting the law, Lagos State has the objective of encouraging the growth of mortgages in real property and for the acquisition of consumer loans for acquisition of properties and realization of securities. Until its enactment mortgage transactions in Lagos State was governed by a myriad of laws without any centralized regulatory body. Mortgage finance, administration and securitization were subsumed within the general land tenure and land use legislation, devoid of institutional and formalized mortgage scheme to enable financing of real property mortgage. It finds that the Mortgage Board established by the law gives a fresh impetus for mortgage financing coupled with an arbitration option. The paper concludes that the Mortgage and Property Law is significant for socio-economic impact being a catalyst for home ownership schemes. It posited that the ability of the law to achieve its goal is critically hinged on the sincerity of its implementation.
Description
Scholarly article
Keywords
mortgage, property, Lagos State, equitable mortgage, credit, mortgage and property law , mortgage , property , Lagos State , equitable mortgage , Credit , Research Subject Categories::LAW/JURISPRUDENCE
Citation
ADEKILE, OLUWAKEMI (2015) “The Mortgage & Property Law 2010 of Lagos State: An Overview” Essays on the Lagos State Mortgage & Property Law 2010 I. O. Smith & E. O. Oni Ed. pp. 254-275.