Good day all nairalanders.
How do my friend Mcdonald Scientific emporium ltd retrieve their title document (deed of assignment) from Access bank plc.
Mcdonald Scientific emporium ltd and Access bank entered into an agreement to for an overdraft of N10m in July 2012 with legal mortgage as a security to the facility the bank granted to my friend. Access bank requested for Mcdonald scientific emporium Ltd title documents which was presented to the Access bank. the title documents were certificate of occupancy and deed of assignment.
The pre-condition for the loan before disbursement is for my friend to submit and execute a legal mortgage by submitting their title documents. My friend did this by submitting both the certificate of occupancy and deed of assignment on the same property (Please note that the deed of assignment supersedes a certificate of occupancy if the two 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 my friend had paid down on the loan disbursed. The customer requested to the bank to collect the title documents submitted to Access bank but Access bank stated that they could not locate the deed of assignment only the certificate of occupancy. The bank stated that the customer did not submit the deed of assignment.
The customer is in a dilemma on how he can get his documents from Access bank as all efforts to get Access bank to give them the deed of assignment has proved abortive. Access bank stated that the customer did not submit deed of assignment to them.
One would wonder how Access 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 can help or what my friend needs to do to get back his title document because the process of getting Governor's consent on a new deed of assignment and cost scares the customer.
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.