NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023

Section 63: Power to take interim custody.

2023Section 63 of 100Federal Republic of Nigeria

(1) Where the Corporation has reasonable cause to believe that an obligor is the bona fide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of an action for debt recovery or other like action or at any time after the filing of an action, and before or after the service of the originating process by which such action is commenced on the obligor, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action.
(2) The Corporation shall serve on the obligor a certified true copy of the order of the Court issued under subsection (1).
(3) Notwithstanding anything to the contrary in any enactment, an order made under subsection (1) shall subsist till judgement or final determination of the action, unless expressly discharged by the Court.

Cite this section

Section 63, NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023 (2023).

https://repo.podus.ai/laws/nigeria-deposit-insurance-corporation-act-2023/section/63/