SURETYSHIPS DO COME BACK AND HAUNT YOU
Standard Bank of South Africa Limited v Van Staden and Another (10690/2023) [2024] ZAWCHC 142 (28 May 2024)
In this judgment, the court was asked to make a finding on some tricky arguments. First, if a loan agreement was entered into before the coming into operation of the National Credit Act but the suretyship in respect of the borrower’s obligations signed thereafter, does the Act apply to the suretyship? Secondly, if a debtor’s home was sold in execution after default judgment, does the remaining debt which was not recovered from the proceeds become a ‘normal’ debt that prescribes after 3 years? The answer to both questions is ‘no’. The judgment and summary below highlight the reasoning of the court.
The judgment can be viewed here
Summary of the Judgment
HOMEOWNERS’ ASSOCIATIONS CHARGING AGENTS ACCREDITATION FEES REMAINS IN THE LIMELIGHT
PPRA’s latest Guidance Note on Undesirable Business Practices, September 2023
The Regulations to the Property Practitioners Act prohibit various undesirable business practices. Despite this and various industry communications, the Property Practitioners Regulatory Authority reports that the practice continues. It has also indicated that it strongly disapproves of developments where such practices are forced upon estate agents. The issue has been referred to both the Competition Commission and the Community Schemes Ombud by the Authority. In our discussion below, we highlight the stakeholders’ points of departure in the context of the legislative prohibition.
