This is because, in my respectful view, it is settled that a transaction created by a deed will not come into effect prior to the delivery of the deed. In other words, a deed only becomes effective upon its delivery. So, until the time specified had arrived or the condition had been performed or the Governor has given his consent, the instrument, will not be a deed so to speak, but is a mere escrow.
– Ogbuagu, JSC. Brossette v. Ilemobola (2007)
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It cannot be disputed that where two competing deeds are registered, each takes effect as against the other from the date of registration and the benefit of earlier registration is preserved.
– Iguh JSC. Kayode v. Odutola (2001)
It is now settled that a mere deposit of title deeds as security for a loan constitutes an equitable charge over the land or property.
– Oguntade JSC. Yaro v. Arewa CL (2007)
It was common ground that the relationship between the plaintiff and the 1st defendant is contractual and governed by exhibit B, the Deed of Legal Mortgage. That being so, extrinsic evidence will generally not be acceptable to vary the terms agreed upon (see for example U.B.N. v. Ozigi (1994) 3 NWLR (Pt. 333) 385). – Kutigi JSC. Okonkwo v. Cooperative Bank (2003)
It is settled that the deposit of title deeds with a bank as security for a loan, creates an equitable mortgage as against legal mortgage which is created by deed transferring the legal estate to the mortgagee. – Chukwuma-Eneh JSC. Yaro v. Arewa CL (2007)
I think Professor Kasunmu S.A.N., counsel for the appellant was right when he submitted that the Court of Appeal relied on the recital to the deed to control the operative clause in Exhibit A. It is well settled that in interpreting a deed, an unambiguous operative part cannot be controlled by the recital. The clear and unambiguous operative part must be given full expression and effect. See IRC v. Raphael (1935) AC 96, 135 Dawes v. Tredwell (1881) 18 Ch.D 354, 388-9.
— A.G. Karibi-Whyte, JSC. Olowosago V. Adebanjo (SC.134/86, 29 Sep 1988)
The fact that the Deed of Lease was registered is not evidence of its delivery – see Jules V Ajani (1980) 5 S.C. 96. A.S.H.D.C. v Emekwue (1996) – SC. 282/1989
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