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Financial Institutions Legal Snapshot

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Rectification

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Principal debtor can rectify guarantee between guarantor & beneficiary

Photo of Patrick Bracher (ZA)
By Patrick Bracher (ZA) on July 16, 2019

The Western Cape High Court held that the principal debtor (in this case the contractor under a building contract) can apply to court to rectify a guarantee between the guarantor (an insurer) and the beneficiary under the guarantee (the employer) where the contractor had given a counter indemnity to the insurer.

A guarantee contract is…

Posted in Insurance

Paperwork error not binding on insurer

Photo of Patrick Bracher (ZA)
By Patrick Bracher (ZA) on February 12, 2014

Where the evidence demonstrates that a written contract does not express the true intention of the parties, the courts will read the contract as the parties intended it.

A US supreme appeal court found that Harleysville Insurance Company did not have to cover a police officer under a section of their policy covering law enforcement…

Posted in Insurance

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Norton Rose Fulbright’s financial institutions team provides straightforward legal updates. Our lawyers offer local insights with an international perspective recognised worldwide. This blog focuses on the South African market and is about sharing knowledge with you. Blog posts are not legal advice.

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