Worthy Homes CC and Another v Firstrand Bank Limited and Others (2743/06, ECJ76) [2006] ZAECHC 46 (12 September 2006)

Worthy Homes CC and Another v Firstrand Bank Limited and Others (2743/06, ECJ76) [2006] ZAECHC 46 (12 September 2006)

The court found that the intention of the parties, as evidenced by the wording of the agreement and their conduct, was to exclude the day of signature when computing the 30 business day period for fulfilment of the suspensive condition. The deposit and other deadlines were calculated in this manner, and the waiver...

Source-derived case information.

Citation
[2006] ZAECHC 46
Parties
Applicant: Worthy Homes CC; Applicant: Triple R Developers CC; Respondent: Firstrand Bank Limited; Respondent: Cold Creek Investments 43 (Pty) Ltd; Respondent: Immobili Retail Investments (Pty) Ltd
Court
High Courts - Eastern Cape
Jurisdiction
South Africa
Judgment Date
12 September 2006
Case Number
2743/06
Procedural Posture
Urgent Application / Application for Interim Relief
Outcome
Application for interim relief granted; counter-application dismissed.
Judges
Dambuza
Legal Topics
Interim Relief, Sale of Immovable Property, Computation of Time, Specific Performance, Contract Cancellation
Civil Procedure Commercial and Corporate Interim Relief Sale of Immovable Property Computation of Time Specific Performance Contract Cancellation

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Summary, issues, holding and outcome

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Parties

Worthy Homes CC

Applicant

Triple R Developers CC

Applicant

Firstrand Bank Limited

Respondent

Cold Creek Investments 43 (Pty) Ltd

Respondent

Immobili Retail Investments (Pty) Ltd

Respondent

Procedural Posture

Urgent Application / Application for Interim Relief

Legal Issues

  1. 1 Whether the funds held by the first respondent should be retained in trust pending registration of transfer or resolution of the dispute.
  2. 2 How the 30 business day period in clause 14.1 of the sale agreement should be computed.
  3. 3 Whether the applicants are entitled to interim relief to secure the funds.

Ratio Decidendi

The court found that the intention of the parties, as evidenced by the wording of the agreement and their conduct, was to exclude the day of signature when computing the 30 business day period for fulfilment of the suspensive condition. The deposit and other deadlines were calculated in this manner, and the waiver was communicated within the stipulated period. The balance of convenience favoured the applicants, as the funds were earmarked for payment of the purchase price and their release could cause irreparable harm if the applicants succeeded in their claim. The applicants were entitled to interim relief to secure the funds pending registration of transfer or the outcome of litigation....

Court Disposition

Application for interim relief granted; counter-application dismissed.

Orders

  • The First Respondent must pay into the trust account of Goldberg & De Villiers Inc, account number 712743638 at ABSA Bank, by 15 September 2006, the sum of R9,154,699.36 presently held in terms of Letter of Undertaking number G657/340879/GLO dated 5 June 2006.
  • The aforesaid sum, together with R100,000.00 already paid by the Second Respondent as deposit, shall be held in an interest bearing trust account by Goldberg & De Villiers Inc, pending registration of transfer or the outcome of an action to be instituted by the Applicants against the Second Respondent for specific...