LEGAL PRINCIPLE: CIVIL PROCEDURE – Stay of execution – Principles governing grant and appropriate terms
PRINCIPLE STATEMENT
A judgment creditor is entitled to the full benefits and fruits of his judgment. Equity follows the law. There is no equity in apportioning the financial burden or risk of devaluation of the judgment debt equally between the parties or in any other proportion.
RATIO DECIDENDI (SOURCE)
Per Iguh, JSC, in Lagos State Development & Property Corporation v. Citymark (West Africa) Limited (1998) NLC-271992(SC) at p. 16; Paras C–E.
"The general position of the law is that a judgment creditor is entitled to the full benefits and fruits of his judgment by the court, and nothing less. The maxim is that equity follows the law. I can see no equity in all the circumstances of this case by the apportionment of the financial burden and/or risk in respect of any devaluation of the judgment debt in equal shares as between the parties or in any other proportion whatever."
EXPLANATION / SCOPE
A judgment creditor is entitled to the full judgment benefits. Equity does not require sharing the risk of devaluation. The principle applies to stay applications. The court will not apportion the judgment debt. The rule protects the judgment creditor’s rights. The debtor bears the full risk. The principle is well-established.