ONYEKACHI AJA OTISI, J.C.A. (Delivering the Leading Judgment): This appeal is against the ruling of the High Court of Lagos State in suit No LD/2278/2010, delivered on March 17, 2016 wherein the lower Court dismissed the application of the Appellant.
The facts leading to this appeal are as follows: Sometime in December, 2009, the 1st Respondent stood as a guarantor in respect of a term loan facility granted to Roygate Properties Limited (RPL) by the Appellant. As part of its obligations under the guarantee, the 1st Respondent executed a Tripartite Legal Mortgage in favour of the Appellant in respect of the property lying and situate at No. 43A, Afribank Street, Victoria Island, Lagos. Following a Loan Purchase and Limited Service Agreement dated April 6, 2011 between the Asset Management Corporation of Nigeria (AMCON) and the Appellant, the Appellant assigned absolutely to AMCON all its rights, powers, titles, interests, benefits, receivables and proceeds arising from, relating to and/…