SAMUEL CHUKWUDUMEBI OSEJI, J.C.A. (Delivering the Leading Judgment): The appeal is against the Judgment of the High Court of Lagos State, Lagos Division delivered by A. A. Phillips J. on the 25th Day of January, 2013.
The Suit leading to this appeal was commenced in the High Court of Lagos State, Lagos Division by the claimants (now Appellants) vide their writ of summons filed on 24-11-1994. The original 1st Defendant in the suit was (Pinnacle Commercial Bank Ltd) but subsequently substituted with the liquidator (Nigerian Deposit Insurance Corporation) now 1st Respondent.
The 4th Respondent herein was not part of the original defendants in the suit but subsequently applied on 13-3-1997 to be joined in the suit and was thus joined as the 5th defendant.
The bone of contention is all that property situate and being at plot 308 Younis Bashorun Street, Victoria Island, Lagos. By Tripartite Legal Mortgage made between the 1st and 3rd Appellant and the 1st Respondent dated 27th January, 1993…