The Bailee Letter Mortgage is a crucial document in Nigerian secured lending practices, particularly used when valuable assets forming security are held by a third party. This arrangement is common in trade finance, warehouse financing, and industrial storage scenarios where physical assets need to remain with a custodian while serving as security. The document complies with Nigerian federal and state legislation, including the Secured Transactions in Movable Assets Act 2017 and relevant property laws. It establishes the bailee's acknowledgment of the security interest and their agreement to hold the assets to the mortgagee's order, creating an effective security interest without disturbing the commercial arrangement of third-party storage or handling. The letter typically includes detailed provisions about asset handling, release conditions, and the bailee's obligations, making it essential for secured financing transactions where assets remain in third-party custody.
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1. Letter Header and Date: Formal business letter header including sender's details, recipient's details, and date
2. Reference Line: Reference to any related facility agreements, security documents, or previous correspondence
3. Subject Matter: Clear identification of the mortgaged property and acknowledgment of the security interest
4. Acknowledgment of Notice: Confirmation of receipt of notice regarding the mortgage arrangement
5. Current Status Confirmation: Confirmation of current possession of the mortgaged property
6. Bailee Undertakings: Specific undertakings regarding the handling and preservation of the mortgaged property
7. Instructions for Dealing: Clear instructions regarding release, transfer, or disposal of the mortgaged property
8. Notice Requirements: Requirements for providing notices regarding the mortgaged property
9. Signing Block: Formal signature block with necessary authority confirmation
1. Insurance Confirmation: Include when the bailee is responsible for maintaining insurance on the mortgaged property
2. Third Party Rights: Include when there are existing third-party interests in the mortgaged property that need to be acknowledged
3. Inspection Rights: Include when the mortgagee requires specific rights to inspect the mortgaged property
4. Costs and Expenses: Include when there are specific arrangements regarding costs of storage or maintenance
5. Dispute Resolution: Include when parties want to specify particular dispute resolution mechanisms
1. Schedule 1 - Property Description: Detailed description of the mortgaged property including identifying features, quantities, and locations
2. Schedule 2 - Authorized Signatories: List of persons authorized to give instructions regarding the mortgaged property
3. Appendix A - Handling Instructions: Specific instructions for handling, storing, or maintaining the mortgaged property
4. Appendix B - Form of Release Notice: Template for the form of notice required for release of the mortgaged property
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