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  • 6 Marks

BL – May 2023 – L1 – SB – Q5C – Contract Law

Advise Mr. Agbons on his rights regarding the sale of his pledged tricycle.

Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr. Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle.

Required:
Advise Mr. Agbons, stating the legal principle involved.

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  • 6 Marks

BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr. Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle.

Required:
Advise Mr. Agbons, stating the legal principle involved.

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  • 6 Marks

BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking

Examines the nature of security provided for indebtedness under insolvency law and classifies the form of security (mortgage or pledge) based on the facts provided.

Jaugernault Plc borrowed N100 million from Kokote Bank Plc and secured the payment of the loan with a property named in the loan document as the house at No 2, Coconut Avenue, Enugu. The document is expressed to be a deed, and the borrower company does not have the power to manage the house in the ordinary course of business. The house is transferred to Kokote Bank Plc subject to cessation on redemption.

Required:

i. Explain the nature of the security of the indebtedness under insolvency law. (2 Marks)

ii. From the facts, state if it amounts to a mortgage or pledge and indicate the type. (4 Marks)

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  • 6 Marks

BL – May 2023 – L1 – SB – Q5C – Contract Law

Advise Mr. Agbons on his rights regarding the sale of his pledged tricycle.

Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr. Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle.

Required:
Advise Mr. Agbons, stating the legal principle involved.

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  • 6 Marks

BL – May 2023 – L1 – SB – Q2c – Contract Law

Advise Mr. Agbons on his legal rights regarding the sale of his pledged tricycle.

Mr. Agbons pledged his tricycle to secure a loan of N200,000 from Chief Osas, a moneylender. Mr. Agbons promised to repay the loan on December 31 and recover his tricycle from Chief Osas. However, Chief Osas sold the tricycle on December 28 when he learned that Mr. Agbons had relocated to his village to be a farmer and might not return again. On the morning of December 31, Mr. Agbons came to meet Chief Osas to repay the N200,000, only to learn that the tricycle had been sold by Chief Osas. Mr. Agbons is aggrieved and intends to sue Chief Osas for the replacement of his tricycle.

Required:
Advise Mr. Agbons, stating the legal principle involved.

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  • 6 Marks

BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking

Examines the nature of security provided for indebtedness under insolvency law and classifies the form of security (mortgage or pledge) based on the facts provided.

Jaugernault Plc borrowed N100 million from Kokote Bank Plc and secured the payment of the loan with a property named in the loan document as the house at No 2, Coconut Avenue, Enugu. The document is expressed to be a deed, and the borrower company does not have the power to manage the house in the ordinary course of business. The house is transferred to Kokote Bank Plc subject to cessation on redemption.

Required:

i. Explain the nature of the security of the indebtedness under insolvency law. (2 Marks)

ii. From the facts, state if it amounts to a mortgage or pledge and indicate the type. (4 Marks)

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