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In terms of the limited real right, the debtor (or third party) agrees that the creditor may use the property to settle the principal debt if the debtor fails to do so. Personal security rights are regulated by the law of obligations ( contract and delict ), whereas real security rights are governed by the law of property.
The debtor's creditors are being accommodating, not pressing him for payment, and are willing to give him time or to accept payment in monthly instalments. The debtor had an ulterior motive in applying for surrender: for example, to avoid paying or to defeat the rights of a particular creditor (Ex parte Van den Berg).
Website. unisa.ac.za. The University of South Africa (UNISA) [a] is the largest university system in South Africa by enrollment. It attracts a third of all higher education students in South Africa. Through various colleges and affiliates, UNISA has over 400,000 students, including international students from 130 countries worldwide, making it ...
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. [1][2] Each transaction transfers value from credited accounts ...
Solidary obligations. A solidary obligation, or an obligation in solidum, is a type of obligation in the civil law jurisprudence that allows either obligors to be bound together, each liable for the whole performance, or obligees to be bound together, all owed just a single performance and each entitled to the entirety of it.
For other uses, see The Borrowers (disambiguation). A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more ...
Devaynes v Noble (1816) 35 ER 781, best known for the claim contained in Clayton's case, created a rule, or more precisely common law presumption, in relation to the distribution of money from a bank account. The rule is based upon the deceptively simple notion of first-in, first-out to determine the effect of payments from an account, and ...
South African contract law is "essentially a modernized version of the Roman-Dutch law of contract ", [1] and is rooted in canon and Roman laws. In the broadest definition, a contract is an agreement two or more parties enter into with the serious intention of creating a legal obligation. Contract law provides a legal framework within which ...
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