PROPERTY LAW UPDATE

1 Aug 2014

22 MAY 2014

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EXTENT OF BOND DEFAULT JUDGMENT ILLUSTRATED

Thwala and Another v First National Bank Limited and Others (28787/12) [2013] ZAGPPHC 514 (11 December 2013) It happens occassionally that after a creditor obtains judgment against a debtor, they reach agreement that the debtor will continue repaying the debt and the creditor will hold over steps to sell the debtor's property in execution, provided the debtor honours the repayments. This is what happened here, with a full 7 years passing between the initial judgment and the eventual execution sale. As a result of intermittent payments over the 7 year period, the debtor had in fact satisfied the default judgment debt by the time execution was levied, including interest and costs. This, the court held, rendered the execution sale a nullity. read more The Judgment Summary of the Judgment

YOU ARE WHO YOU SAY YOU ARE Sait v Nqonji N.O and Others (19302/2013) [2014] ZAWCHC 73 (14 May 2014) This judgment is a good read as it has the interesting twist of a co-seller, acting as executrix of a deceased estate of the other owner, forgetting to sign the agreement in such capacity. Her later attempts to avoid liability under the agreement because of this fact failed, as the court found that she held herself out to be the person with the authority to sign and reasonably induced the purchaser to believe she was signing in this capacity. read more The Judgment Summary of the Judgment

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