Distinction between a mortgage and a pledge
"It is to be noted, that there is a distinction between a mortgaged property and a pledged property. In the case of Prince Abdul Rasheed A. Adetona & Anor. v. Zenith International Bank Plc. (2011) 12 SC (Pt. IV) 44, (2011) 18 NWLR (Pt. 1279) 627, the Supreme Court resoundingly pronounced thus: "The main difference between a mortgage and a pledge is that in the former, the general title in the property is transferred to the mortgagee subject to be reversed by performance of the condition; whereas by the latter, the pledgor retains the general title and parts with possession. By a mortgage, the title is transferred by a pledge, possession is transferred." Per OREDOLA, J.C.A. (P. 65, Paras. B-G) LAWSON NNAMDI CHUKWU & ANOR v. HON. LOLO STELLA C. CHUKWU & ORS(2018) LPELR45482(CA)
This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.
Latest from
- Meaning of the word "Admission"
- Meaning of the word "Justice"
- Whether before a court can enter an order for non-suit in a case it must give Counsel for the parties the opportunity to address the issue
- Nature of an admission and whether it is admissible as evidence against the maker as the truth of the fact asserted in the statement
- Whether an admission made do not require further prove
Leave a comment
Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.