A lender relied on a 30 year extinctive prescription period applicable to ‘any debts secured by a mortgage bond’ under section 11(a)(i) of the Prescription Action 1969 but failed because the mortgage bond was not valid at the time summons was issued.
The lender sued the principal debtor and a number of sureties based on
An acknowledgement of debt made by a debtor to a creditor in the course of without prejudice negotiations will interrupt the running of extinctive prescription unless this consequence is excluded from the discussions.
In KLD Residential CC v Empire Earth Investments 17, the Supreme Court of Appeal was asked to strike a balance between
A person who claims for damages sustained as a result of injuries negligently caused by someone else has a single, indivisible cause of action and must sue for all damages in one claim.
This proposition was reasserted in the context of a prescription allegation regarding a Road Accident Fund Act claim.
The RAF Act only
Section 126B which prohibits dealing in a debt under a credit agreement extinguished by prescription, and allows the consumer to raise the defence of prescription (even though the consumer agreed to revive a prescribed debt without being aware of the prescription defence) came into force on 13 March 2015.
Before section 126B was enacted an
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
The Constitutional Court recently considered the meaning of the word ‘debt’ in relation to the Prescription Act and found that the word must be given a meaning that is least intrusive on the constitutional right to access to courts.
In Makate v Vodacom (Pty) Ltd the applicant instituted action against Vodacom to compel them to
If a loan is repayable in instalments and includes an acceleration clause that if the debtor defaults on paying any instalment, the creditor is entitled on notice to terminate the loan agreement and claim the full balance outstanding, the debt ordinarily only prescribes three years after the date of the notice claiming the full outstanding
A bank needs to ensure that a company has authorised its director to allow the company’s bank account to be debited each month, if the payments settle the director’s personal obligations. This much is clear from the recent SCA judgment in First National Bank and Another v Scenematic One (Pty) Ltd.
Mr Naude, a
Agreements were signed between 31 March and 1 May 2004 for the sale of erven in a newly established township before the township was proclaimed but with municipal permission. The purchasers claimed that the township developers had failed to incorporate certain amenities in the township. Summons was only issued in August 2008. The defendant claimed
A Cameroonian insurer waited 26 years too long to file a subrogated lawsuit claiming $154 million from The Boeing Co and the engine manufacturer after a 1984 fatal fire on a Boeing plane.
In 1984 the aircraft caught fire on a Cameroon runway with three fatalities and 72 people injured. Despite three and four year