PATS-ACHOLONU, J.S.C. (Delivering the Leading the Judgment): The appellants as plaintiffs had obtained a loan from the Nigerian Building Society by using the title deeds of two of their directors as collateral. The respondents as defendants redeemed the loan facility hitherto granted by the Nigerian Building Society and retained the title deeds formerly in the possession of the Nigerian Building Society as security. The appellants claim that later they paid their indebtedness to the respondents and demanded the return of the title deeds of their directors which were being detained as claimed by the appellants. From time to time the appellants demanded the return of the documents from the respondents as they stated that they had good offers for a loan from the Union Bank and other financial institutions. The appellants said that when it appeared that the respondents were unable to trace the whereabouts of the documents after what the latter claimed was an extensive search, the responde…
NEKA BBB MANUFACTURING COMPANY LTD
V.
ACB LTD.
(2004) JELR 47785 (SC)
Supreme Court 16 Jan 2004 Nigeria
Case
Key Passages 16
Citing Cases 134
BriefBot Summary
- The appellants obtained a loan from the Nigerian Building Society using the title deeds of two directors as collateral. - The respondents redeemed the loan and kept the title deeds as security. - The appellants claimed that they paid thei
Case Details
Suit Number:SC.32/1997
Judges:IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria
SYLVESTER UMARU ONU Justice of The Supreme Court of Nigeria
ANTHONY IKECHUKWU IGUH Justice of The Supreme Court of Nigeria
SAMSON ODEMWINGIE UWAIFO Justice of The Supreme Court of Nigeria
IGNATIUS CHUKWUDI PATS-ACHOLONU Justice of The Supreme Court of Nigeria
Counsel:ChiefE.L. Akpofure, SAN (with him, G.E. Odiete, Esq.) For Appellant
G.U.E. Onyiuke [Ms.] - for the Respondent For Respondent
Other Citations:Neka B.B.B. Mfg. Co. Ltd. v. A.C.B. Ltd. (2004) 2 NWLR (Pt. 858)521 (2004) 1 S.C. (Pt 1) 32 (2004) 17 NSCQR 240
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