Whoever seeks equitable remedy like specific performance must show that he is vigilant and does all that was required of him to have clear hand to enforce the contract. Vigilantibus et non dormientibus jura subveniunt.
– Belgore, JSC. Nlewedim v. Uduma (1995)
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In determining whether any given transaction is in the nature of a mortgage, equity looks at the substance of the matter and not merely at the form. – Iguh JSC. Ejikeme v. Okonkwo (1994)
In the case of National Insurance Corporation of Nigeria Ltd. v. Power and Industrial Engineering Co. Ltd. (1986) 1 NWLR (Pt. 14) 1 at 29, Aniagolu, JSC had this to say: “Equity, as we all know, inclines itself to conscience reason and good faith and implies, system of law disposed to a just regulation of mutual rights and duties of men, in a civilized society. It does not envisage sharp practice and undue advantage of a situation and a refusal to honour reciprocal liability arising therefrom; it will demand that a person will enter into a deal as a package-enjoying the benefits thereof and enduring, at the same time, the liabilities thereon.”
A party cannot resile from his obligation under a contract because he never followed what the law required; in essence he cannot take refuge from his contractual obligations on the pre of his own illegality in so far as the other party was not aware of the illegality at the time of the transaction.
– Belgore, J.S.C. Pinder v. North (2004)
Jared v. Clements 1903 (Supra), a decision of a strong court, Collins M.R. Romer & Cozens-Hardy L.JJ.-Romer L.J. made the following observation: “A person contracts to purchase certain property. Before completion he is told of an equitable mortgage created some time before by his vendor. What is the position of the completing purchaser when he knows of this? He knows he cannot get title from his vendor unless that outstanding equitable interest is got in or destroyed; and if he completes without that equitable interest being got in or destroyed, he can only take the property subject to that outstanding interest being got in or destroyed. In order to get a good title, it is for him to see that the outstanding interest is got in or destroyed – the purchaser might have asked that the equitable mortgagee should join in the conveyance. He might have gone himself to the equitable mortgagee and asked how matters stood; or he might have done what in fact he did, and asked the vendor to get in the equitable interest …”
The maxim is where two equities are equal the first in time prevails. Where the 2nd respondent and the 4th appellant both traced the ownership of the land to Oluwa family the question arises as to who first acquired the property. The Deed of lease of the 2nd respondent was in January 1976 whereas the 4th appellant purchased the land in August 1976. The two lower courts rightly decided that the right and proper persons to be served with the notice of acquisition was the 2nd respondent. Where a person pays for land, obtains receipts of payment, followed by his going into possession and remaining in possession equitable interest is created for him in the land. The equitable interest can only be defeated by a purchaser of the land for value without notice of the prior equity. Nsiegbe v. Mgbemena (2007) 10 NWLR (Pt.1042) pg.364. Kachalla v. Banki (2006) 8 NWLR (Pt.982) pg.364. Ogunbambi v. Abowaba (1951) 13 WACA pg. 222.
— O.O. Adekeye, JSC. Goldmark & Ors. v. Ibafon Co. & Ors. (2012) – SC.421/2001
So, then at law as in equity the basic rule is that estates and interest order of primary rank in the creation, Qui prior est tempore potior est jure,. he who is earlier in time is stronger in law. Thus where there are two competing equitable interests, the general rule of equity is that the person whose equity attached to the property first will be entitled to priority over the other. Where therefore, the equities are equal and neither claimant has the legal estate, the first in time prevails as in the instant appeal, the equitable interest of the 1st Respondent being prior in time to the equitable interest of the 1st Appellant, the law is that it is the 1st Respondent’s equitable interest in the land in dispute being first in time that would prevail over the equitable interest of the 1st 48 Respondent since the equities are equal.
— B.A. Georgewill, JCA. Anyi & Ors. v. Akande & Ors. (2017) – CA/L/334/2014
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