I need to stress here that a mortgagee’s power of sale becomes exercisable if it has arisen and once it has so arisen, the title of the subsequent purchaser will not be affected by its improper or irregular exercise and the sale will be regarded valid. See MAJEKODUNMI & ORS V. CO-OP BANK LTD (1997) 10 NWLR (prt. 524) 198. But, in exercising the power of sale, a mortgagee is under duty to take reasonable care to obtain the true value of the property. See TEMCO ENG. & CO LTD V. S.B.N. LTD (1995) 5 NWLR (prt. 397) 607. However, a mortgagee will not be restrained on the exercise of his power of sale merely because the mortgagor objects to the manner in which the sale is being arranged or because the mortgagor has commenced a redemption action in Court, but he (mortgagee) will be restrained if the mortgagor pays the amount claimed by the mortgagee into Court.
— M.L. Shuaibu, JCA. FBN v Benlion (2021) – CA/C/31/2016