AN EXAMINATION OF THE LEGAL IMPLICATIONS OF MORTGAGES AS COLLATERAL IN NIGERIA

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✎: AN EXAMINATION OF THE LEGAL IMPLICATIONS OF MORTGAGES AS COLLATERAL IN NIGERIA

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Keywords: AN EXAMINATION OF THE LEGAL IMPLICATIONS OF MORTGAGES AS COLLATERAL IN NIGERIA

 

RESEARCH BODY

TABLE OF CONTENTS
Title Page … … … i
Abstract … … … v
List of Abbreviations … … … vii
List of Statutes … … … viii
List of Cases … … … ix
Table of Contents … … … xi
CHAPTER ONE: INTRODUCTION
1.0 General Introduction … … 1
1.1 Statement of the Research Problem … … 2
1.2 Aims and Objectives of the Research … … 3
1.3 Scope of the Research … … 3
1.4 Research Methodology … …. 4
1.5 Literature Review … …. 4
1.6 Justification … …. 5
1.7 Organizational Layout … …. 5
CHAPTER TWO: NATURE OF LENDING RELATIONSHIP
2.1 Introduction to Loans, Debts and Credit … …. 7
2.1.1 Loans … …. 7
2.1.2 Debts … …. 7
2.1.3 Credit … …. 8
2.1.4 Distinction between Loans and Debts … …. 8
2.2 The Importance of Distinction between Loans and other Forms
of Credit Transactions … …. 9
2.3 Characteristics of a Loan … …. 10
2.4 Types of Loans … … 11
11
2.5 Bad Debts/Loans … … 13
2.6 Effects of Bad Debts/Loans … … 14

CHAPTER THREE: MEANING AND PURPOSE OF COLLATERALS IN LENDING
3.0 Forms of Collateral ….. 20
3.1 Collateral Defined ……. 21
3.2 Purpose and Features of Collateral … 23
3.3 The Mortgage …. …. 24
3.4 Steps to Obtaining Legal Mortgage … …. 24
3.5 Types of Mortgages … …. 28
3.6 Right of Mortgagors … …. 32
3.7 Right of the Mortgagee …. 32
3.8 Perfection of Collateral …. 33
3.9 The Implications of Creating or Taking Collaterals … …. 36
CHAPTER FOUR: THE NATURE OF COLLATERAL INTEREST
4.0 The Nature of Collateral Interest …. 39
4.1 Collateral Interest Arising From Transaction Intended
as Collateral Transaction …. 39
4.2 Collateral Interest as a Right in Rem …. 39
4.3 Agreement to give Collateral …. 40
4.4 Contractual Set Off vis-à-vis Collateral …. 40
4.5 Conditions for Repayment vis-à-vis Collateral …. 40
4.6 Enforceability of collateral – at what stage does the
Collateral …. 41
4.7 Enforcement of the Covenant to Repay …. 42

4.8 Entering into Possession . 43
12
4.9 Collateral Interest Vis-à-vis Customer’s Dominance
Over the Assets …. 44
CHAPTER FIVE: FORM OF COLLATERAL
5.0 Consensus Securities … . 45
5.1 The Pledge …. 45
5.2 The Charge …. 46
5.3 Contractual Lien …. 46
5.4 Fixed and Floating Collateral …. 46
5.5 Pledge Collaterals …. 47
5.6 Customary Pledge …. 49
5.7 Creation of Customary Pledge …. 51
5.8 Negative Pledge Collateral …. 53
5.9 Legal Nature of Negative Pledge Collateral …. 55
5.10 Taking Security with Notice of a Negative Pledge Clause … …. 56
5.11 Contingent Liabilities … …. 57
5.12 Features of Guarantees …… ….. 59
5.13 Bonds as Security … …. 67
5.14 Major Types of Bonds … …. 67
5.15 The Charges … …. 72

5.16 The Difference between a Mortgage and a Charge … …. 73
5.17 Types of Charges … …. 74
5.18 Crystallization of Floating Charge … …. 77
CHAPTER SIX: CONCLUSION, SUMMARY, FINDINGS AND
RECOMMENDATIONS
6.0 Conclusion … . 81
6.1 Summary … . 81
6.2 Findings … . 82
6.3 Recommendation … . 83

 

CHAPTER ONE
1.0 GENERAL INTRODUCTION
The 2005 consolidation exercise otherwise known as the recapitalization exercise
embarked upon by the Central Bank of Nigeria (CBN), was meant to address the issue
of inadequate share capital of banks in Nigeria by the introduction of N25Billion
minimum share capital for all Banks in the country in order to make the banks
stronger to be able to finance more businesses. The concept of recapitalization refers
to the policy that compelled all commercial banks to raise their capital base from
N2billion to N25billion by the Central Bank of Nigeria on or before 31st December,
20051
. The exercise brought about huge resources at the disposal of financial
institutions which in turn enabled them to make credit available to a large number of
individuals and corporate entities with the intention of making huge profits.
The desire to make huge profits consequently pushed the financial institutions into
fierce competition as a result of which some of them started giving out loans without
collaterals in a bid to lure customers with the ultimate aim of making huge profits.
This culminated in billions of naira loans to the capital market which at the end of the
day, got caught up in the financial meltdown (a situation were some financial
institutions or assets suddenly lose a large part of their value especially in the stock
market crashes). The melt down led to the near collapse of many banks/other financial
Institutions as a result of bad debts which arose from credit facilities granted by
financial institutions without adequate collateral.
Consequently, some few Nigerian banks mainly due to the general weakness in their
Risk Management and Corporate Governance framework, started displaying signs of
failure as far as October 2008 due to huge concentrations of their exposure to certain

Keywords: AN EXAMINATION OF THE LEGAL IMPLICATIONS OF MORTGAGES AS COLLATERAL IN NIGERIA

 


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Keywords: AN EXAMINATION OF THE LEGAL IMPLICATIONS OF MORTGAGES AS COLLATERAL IN NIGERIA

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