Download or read book Personal property law in Nigeria written by Mike Agbedor Abu Ozekhome and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Nigerian law for so long developed only one aspect of its property law, namely, real property law, and the law on personal property was left in shambles and unreformed. As a result, most secured lenders refused to accept personal (movable) assets as collateral for loans. One of the reasons was a lack of a collateral registry where security interests on personal property collateral ought to have been registered to inform the public about existing encumbrances. Thus, due to this exploitable gap it was possible for debtors in a non-possessory lending context to create the ostensible impression before potential lenders that they owned the property free from any encumbrance, thereby obtaining several credits with a collateral that was insufficient to cover the debts. Similarly, third party buyers were tricked into purchasing collateral that was encumbered because, prior to purchase, such buyers had no collateral registry to verify ownership and encumbrances."