OPENE, J.C.A. (Delivering the Leading Judgment): In Kwara State High Court holden at Ilorin, the plaintiffs who are now the respondents filed an action against the defendants who are now the appellants claiming as follows:-
(i) A declaration that the purported Debenture Deed dated the 27th day of November, 1988 between the 1st and 2nd plaintiffs as "the company" And the 1st defendant as "the Bank" is meaningless, worthless, unenforceable, illegal, null and void and of no effect whatsoever.
(ii) A declaration that the appointment by the 1st defendant of the 2nd defendant as a Receiver pursuant to the purported Debenture Deed dated 27th November, 1986 to take over the physical control and sell off all the assets of the plaintiffs etc. was/is premature, hasty, illegal, null and void and of no effect whatsoever.
(iii) A Declaration that even if the Debenture Deed dated the 27th day of November, 1986 is regular, and 1st defendant cannot appoint any receiver to sell of the plaintiffs' asset…