UZO I. NDUKWE-ANYANWU, JCA (DELIVERING THE LEADING JUDGMENT): This is an appeal against the decision of the High Court of Ondo State delivered by Hon. justice O. Akintan-Osadebay on the 1st June, 2012.
The facts briefly stated are as follows:
The 1st Appellant is a customer to the 1st Respondent Bank with accounts No. 511 and No. 1317. The 1st Appellant obtained an overdraft facility from the 1st Respondent to which the 2nd Appellant mortgaged his two houses at No. 131 Osukoti Adugbolu Family layout, Ita Olobirin Road, Akure as security for the loan. It was the case of the Appellants that the mortgage was an equitable mortgage while the Respondents say it was legal mortgage. Due to the inability of the Appellants to liquidated the debt, the 1st Appellant commenced an action with suit No. HAD /74 /1987 against the 1st Defendant/Respondent at the Ado-Ekiti High Court wherein the trial Court entered judgment against the Appellants and in favour of the Respondents with the judgment sum of ₦…