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Murray N.O. and Others v Humansdorp Co-Operative Limited (1697/2019) [2021] ZAECGHC 70 (26 July 2021)
Liquidators sought to set aside a payment to Humansdorp Co-operative as a disposition without value. The court held the company received value and dismissed the application.
Glofinco v Absa Bank Ltd. t/a United Bank (135/2001) [2002] ZASCA 91; 2002 (6) SA 470 (SCA) (30 August 2002)
The majority held that the appointment of a branch manager does not, in itself, constitute a representation that the manager is authorised to bind the bank in transactions outside the scope of ordinary branch business. The guarantees issued by Horne were not part of the ordinary business of a bank branch, as they exposed the bank to substantial risk without corresponding benefit and were not supported by evidence of customary banking practice. Braude, Glofinco's partner, was an experienced financier and was aware of the unusual nature of the transaction. His reliance was based on Horne's pers…
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