Effeciency of Mortgage Transactions Under the Land Use Act: Myth or Reality

Abstract

In the course of doing justice to this topic, we would examine the concept of mortgages, its mode of creation and its characteristic attributes. We would also x-ray the operation of mortgage transactions under the Nigerian Land Law system with particular emphasis on the Land use Act. An attempt would be made to test the efficacy or efficiency of mortgage transactions under the Land Use Act. The major target of our exercise is to determine whether or not the purpose of a mortgage transaction, especially security of the interest of a mortgagee can be guaranteed under the Land Use Act.