The liquidators of a company failed in a claim for a sum of money and interest thereon against the executor of the deceased’s estate arising from an alleged loan by the company to the deceased (who was a former director of the company) because there was no proof that the deceased agreed to be bound
A High Court judgment in March 2023 applied good law and common sense in finding that a loan between parties who had a closely knitted friendship was not an arms’ length transaction and was therefore not governed by the National Credit Act, 2005 (NCA).
A credit transaction is not governed by the NCA if the
A loan becomes due (claimable) from the moment that it is lent to the borrower, unless the parties specifically agree otherwise.
In a September 2016 judgment the Supreme Court of Appeal held that a loan that was ‘due and payable to the lender within 30 days from the date of delivery of the lender’s written