It is now settled that a mere deposit of title deeds as security for a loan constitutes an equitable charge over the land or property.
– Oguntade JSC. Yaro v. Arewa CL (2007)
It is now settled that a mere deposit of title deeds as security for a loan constitutes an equitable charge over the land or property.
– Oguntade JSC. Yaro v. Arewa CL (2007)
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It was common ground that the relationship between the plaintiff and the 1st defendant is contractual and governed by exhibit B, the Deed of Legal Mortgage. That being so, extrinsic evidence will generally not be acceptable to vary the terms agreed upon (see for example U.B.N. v. Ozigi (1994) 3 NWLR (Pt. 333) 385). – Kutigi JSC. Okonkwo v. Cooperative Bank (2003)
I think Professor Kasunmu S.A.N., counsel for the appellant was right when he submitted that the Court of Appeal relied on the recital to the deed to control the operative clause in Exhibit A. It is well settled that in interpreting a deed, an unambiguous operative part cannot be controlled by the recital. The clear and unambiguous operative part must be given full expression and effect. See IRC v. Raphael (1935) AC 96, 135 Dawes v. Tredwell (1881) 18 Ch.D 354, 388-9.
— A.G. Karibi-Whyte, JSC. Olowosago V. Adebanjo (SC.134/86, 29 Sep 1988)
I think Professor Kasunmu, S.A.N. counsel for the appellant was right when he submitted that the Court of Appeal relied on the recital to the deed to control the operative clause in Exhibit A. It is well settled that in interpreting a deed, an unambiguous operative part cannot be controlled by the recital. The clear and unambiguous operative part must be given full expression and effect. See I.R.C. v. Raphael (1935) A.C. 96,135 Dawes v. Tredwell (1881) 18 Ch. D. 354,388-9.
— Karibe-Whyte, JSC. Adebanjo v Olowosoga (1988) – SC 134/1986
The fact that the Deed of Lease was registered is not evidence of its delivery – see Jules V Ajani (1980) 5 S.C. 96. A.S.H.D.C. v Emekwue (1996) – SC. 282/1989
It has to be stressed however that the term delivery, in law, is not synonymous with the physical exchange of signed and sealed documents between the parties thereto. It does not also mean the handling over of a document to the other side. It does mean and has been judicially interpreted to connote an act done so as to evince an intention to be bound. Even though the possession of such deed still remains with the maker, or his solicitor, he is bound by it if he has had it delivered in law by doing some unequivocal act whether by words or action evincing an intention to be bound. – Iguh JSC. Awojugbagbe v. Chinukwe (1995)
This is because, in my respectful view, it is settled that a transaction created by a deed will not come into effect prior to the delivery of the deed. In other words, a deed only becomes effective upon its delivery. So, until the time specified had arrived or the condition had been performed or the Governor has given his consent, the instrument, will not be a deed so to speak, but is a mere escrow.
– Ogbuagu, JSC. Brossette v. Ilemobola (2007)
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