Adetona & Anor. v. Zenith International Bank Plc

Henley Industries Nigeria Limited (Henley), a company carrying on business at Agbara, Ogun State holds the title to property at Plot C21/6, Agbara Estate, Ogun State. The 2nd appellant granted Henley a credit facility which was secured by a deed of legal mortgage which covered the property at Plot C 21/6 Agbara Estate, Ogun State and the plants and machinery affixed to the property.

The respondent also granted a credit facility to Henley which was secured by a tripartite mortgage debenture over the property of John Edge & Company Limited situated at the eastern part of Plot C21/6, Agbara Estate Ogun State.

Upon Henley failure to repay the credit facility granted to it by the 2nd appellant, and in accordance with the terms of the mortgage, the 2nd appellant appointed the 1st appellant as its receiver.

2014 2 CLRN 41
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