Good day all nairalanders. Happy Easter and happy holiday.
How safe are your title documents (certificate of occupancy, deed of assignment etc) or that of your friends, business associates, customers and relatives etc in our deposit money banks as it relates to them collecting loans/facilities from the banks.
A case study of Mcdonald Scientific emporium ltd and Access bank(formerly Intercontinental bank).
We all know one of the requirements or pre-conditions before disbursement of loan/facility is the submission of title documents such as deed of assignment, certificate of occupancy etc especially as it relates to overdraft, term loan etc.
Mcdonald scientific emporium Ltd requested and got approval from Access bank (previously Intercontinental bank) sometime in 2008 for an overdraft facility. The pre-condition for the loan before disbursement is for the customer to submit and execute a legal mortgage by submitting their title documents. The customer did this by submitting both the certificate of occupany and deed of assignment on the same property (Please note that the deed of assignment supersedes a certificate of occupancy if these title documents are on the same property).
The bank went ahead to disburse the overdraft facility to the customer. Fast forward after a couple of years and the customer has paid down on the loan. The customer requested to the bank to collect the title documents submitted from Access bank but Access bank stated that they could not locate the deed of assignment only the title documents. The bank stated that the customer did not submit the deed of assignment.
The customer sued the bank but the “Nigerian” courts agreed with the customer but refused to award damages to the client. One would wonder how a bank will disburse a facility especially an overdraft to a customer without the customer submitting the appropriate security documents before the loan is disbursed.
I brought this here so if you guys know anyone that has submitted his/her title documents, they should re-confirm if those title documents are still with the bank especially Access bank. Before the banks starts telling stories that touch the heart.
Also assist on how the customer can retrieve his documents back as all entreaties to access bank has failed.
Cc;lacastical.
Cc: seun
cc.mynd44.
Thank you all. Sorry for the English and words mix up.
if you have a similar story, please share for us all to learn and how you got your documents back.