Section 263: Summary procedure in special cases.

(1) If within six months of the death of a person who was entitled to a registered bond or securities, the nominal or face value of which does not in the aggregate exceed N5,000, probate of the will or letters of administration of the estate of the deceased person is not produced to the registrar, the registrar may, after such inquiry as he may deem necessary, determine which person is entitled to such bond or securities and may:
(a) where any such bond or securities relates to a loan due for payment, authorise the registration of the name of such survivor or survivors in substitution for the name of the deceased person in the register of bond and securities and the payment to such survivor or survivors of the amount due in respect of that bond;
(b) where any such bond or securities relates to a loan not due for repayment, authorise the registration of the name of such survivor or survivors in substitution for the name of the deceased.
(2) Any creditor or claimant against the estate of the deceased person may recover his debt or claim out of money paid to any survivor or survivors under subsection (1) of this section and remaining in his hands unadministered in the same manner and to the same extent as if the said person had obtained letters of administration of the estate of the deceased, and nothing in this section shall affect any claim of an executor or administrator or other representative of the deceased against such person other than a claim to recover amounts lawfully paid by him in the course of the administration of the estate of the deceased.