UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment):(EXORDIUM) This is an appeal against the decision of the High Court of Lagos State, Coram: Obadina, J. in Suit No M/311/2006: STERLING BANK PLC v. MRS. VICTORIA MODUPE SULEIMAN and ORS delivered on 31st March, 2011. In precis, the background facts which led to this appeal are as follows:
The Appellant through its precursor, NAL MERCHANT BANK, gave a facility to the 2nd Respondent, SETONI INTERNATIONAL LIMITED.The facility was said to have been secured by the personal guarantee and third party legal mortgage on the property of the 1st Respondent. The 2nd Respondent defaulted in liquidating the facility and Appellant sought an order of foreclosure and sale of the said mortgaged property.
The account of the 1st Respondent on the background facts are slightly different. By her account, the facility was for a period of one year and she agreed for her property to be used as collateral but that no personal guarantee or deed of …