LEGAL PRINCIPLE: CONTRACT LAW — Mortgage — Waiver of Notice — Mortgagor’s Express Waiver of Statutory Notice Rights
PRINCIPLE STATEMENT
A borrower may expressly waive his rights to be given notice under section 20 of the Conveyancing Act, 1881, or under any law or custom before the sale of the mortgaged property.
RATIO DECIDENDI (SOURCE)
Per Kutigi, JSC, in Okonkwo v. Cooperative & Commerce Bank (Nigeria) Plc (2003) NLC-581998(SC) at p. 5; Para D.
"The borrower hereby expressly waives his rights to be given notice by the Bank under section 20 of the Conveyancing Act, 1881 or under any law or custom in operation in any part of the Federal Republic of Nigeria before the sale of the mortgaged property."
EXPLANATION / SCOPE
A mortgagor may waive statutory notice rights. The principle applies to mortgage contracts. The waiver must be express. The rule protects the mortgagee’s power of sale. The mortgagor cannot later complain of lack of notice. The principle is well-established.
