OGUNBIYI JCA (Delivering the Lead Judgment): The appellant herein, a banker was the 1st defendant in the court below with the 2nd and 3rd defendants being an auctioneer and the buyer of the subject matter of the claim respectively. The respondent in this appeal was however the plaintiff. Brieflyand as a background history of this case, the plaintiff is resident in Ibadan and the 1st defendant also carries on business in Ibadan, Oyo State at all times material to the case. Both are parties to contracts of loan and banking advances.The plaintiff is a director of a company called Rasamin Industries Limited and a customer of a personal current account No. 1729 with the 1st defendant’s branch in Mokola Ibadan. The company also holds a separate current account with the same bank.
Sometime in 1981, the plaintiff executed a deed of legal mortgage over her, house at No. 16 Ajileye street, Bariga Lagos to serve banking credit and facilities given to Rasamin Industries Limited. The deed was dat…