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First National Bank of SA Ltd v Lynn NO and Others [1] is an important case in South African contract law, especially in the area of cession. It was heard in the Appellate Division of the Supreme Court by Joubert JA, Nestadt JA, Van den Heever JA , Olivier JA and Van Coller AJA on 19 September 1995, with judgment passed on 29 November.
The maximum interest rate is also linked to the SARB Bank Repurchase Rate, and is currently 29.8 per cent per year. Developmental credit agreements - “Developmental credit agreements” are credit agreements entered into to develop a small business, an educational loan, or a loan for purposes of building low-cost housing.
In the High Court of South Africa, Standard Bank had issued a summons against Saunderson, asking for a judgement on debt owing and ancillary orders declaring the mortgaged property to be executable. Saunderson failed to defend. The bank sought a default judgment under the Uniform Rules of Court, which provides that:
Wille's Principles of South African Law. Eighth Edition. Juta & Co Ltd. 1991. Page 339. The Civil Practice of the High Courts and the Supreme Court of Appeal of South Africa. Fifth Edition. Juta. 2009. Volume 2. Pages 1320, 1324 and 1326. Mervyn Dendy (ed). The Civil Practice of the Supreme Court of South Africa. Fourth Edition. Juta. 1997.
The Bank is licensed as a "locally controlled bank" by the South African Reserve Bank (SARB). [3] Headquartered in Midrand, South Africa, the bank has a countrywide branch distribution network in addition to a full digital channel offering; as well as sales, collections and customer service Contact Centres. [4]
The Constitution of the Republic of South Africa, 1996, as the supreme law of the Republic, provides the overarching framework for civil procedure; [6] the Constitution has been responsible for significant changes to civil procedure since its inception in the 1990s, as in, for example, debt collection matters, [7] access to the courts [8] and prescription, in particular with respect to ...
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A contract in South Africa is classified as an obligationary agreement—it creates enforceable obligations—and ought therefore to be distinguished from liberatory agreements (whereby obligations are discharged or extinguished; e.g. release, novation), real agreements (whereby rights are transferred; e.g. cession, conveyance), and family law ...