National Land Code (Revised - 2020) · Updated to 15 Oct 2020 · Chapter 3 · Remedies of chargees: Sale
253. Purpose and scope of this Chapter
Feedback & supportThe provisions of this Chapter shall have effect for the purpose of enabling any chargee to obtain the sale of the land or lease to which his charge relates in the event of a breach by the chargor of any of the agreements on his part expressed or implied therein.
The powers conferred by this Chapter shall be additional to those conferred by Chapter 4, and no chargee shall be debarred from exercising them by reason of the fact that he has already taken action under that Chapter.
In this Chapter—
“bidder” means only one natural person, one corporation or one single body and does not include the chargor;
“chargee” includes a financial institution;
“financial institution” means any licensed bank, licensed finance company or licensed merchant bank as defined in the *Banking and Financial Institutions Act 1989 [Act 372], a bank under the
**Islamic Banking Act 1983 [Act 276], any co-operative society carrying on the business of financing and any statutory body established under any Federal or State law acting as chargee under this Act; and
“purchaser” means the successful bidder.
purchaser
“purchaser” means a person or body who in good faith and for valuable consideration acquires title to, or any interest in, land;
For the purposes of this Chapter, the chargor or chargee may appoint any person or body to perform his duties or take action on his behalf and notice of any such appointment shall be given in writing to the Registrar of the Court or the Land
Registrar
“Registrar” means— (a) in relation to land held or to be held under Registry title, or under the form of qualified title corresponding to Registry title, or under subsidiary title dependent on a Registry title, a Registrar of Titles or Deputy Registrar of Titles appointed under section 12; (b) in relation to land held or to be held under Land Office title, or under the form of qualified title corresponding thereto, or under subsidiary title dependent on a Land Office title, the Land Administrator;
Administrator, as the case may be.
* The Banking and Financial Institutions Act 1989 [Act 372] has been repealed by the Financial
Services Act 2013 [Act 758] which comes into operation on 30 June 2013—see section 271
of Act 758.
** The Islamic Banking Act 1989 [Act 276] has been repealed by the Islamic Financial Services
Act 2013 [Act 759] which comes into operation on 30 June 2013—see section 282 of Act 758.
270
National Land Code 403
land
“land” includes— (a) that surface of the earth and all substances forming that surface; (b) the earth below the surface and all substances therein; (c) all vegetation and other natural products, whether or not requiring the periodical application of labour to their production, and whether on or below the surface; (d) all things attached to the earth or permanently fastened to anything attached to the earth, whether on or below the surface; and (e) land covered by water;
Notice Before Sale