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South Africa decisions
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Transnet SOC Limited v Absa Insurance Company Ltd and Others (08853/2016) [2019] ZAGPJHC 476 (24 October 2019)
High Court case on a performance guarantee, holding that the guarantor had to pay on demand and could not rely on alleged tacit terms or underlying contract disputes.
Nedbank Ltd and Another v Procprops 60 (Pty) Ltd (108/13) [2013] ZASCA 153 (20 November 2013)
The Supreme Court of Appeal held that a bank guarantee requiring the original guarantee with the first demand allowed only one claim, so Nedbank’s payment discharged its obligation.
Minister of Transport and Public Works, Western Cape and Another v Zanbuild Construction (Pty) Ltd and Another (68/2010) [2011] ZASCA 10; 2011 (5) SA 528 (SCA) (11 March 2011)
The Supreme Court of Appeal held that Absa’s construction guarantees were conditional suretyships, not on-demand bonds, so the department could not recover without showing money due by the contractor.
Lombard Insurance Company Ltd v Firstrand Bank Ltd and Others (09/35913) [2011] ZAGPJHC 211 (8 February 2011)
The court found that Lombard suffered a loss due to the fraudulent transfer of funds by its employee, Manickum, to her accounts at FNB and ABSA. Upon learning of the illegality, both banks were in possession of substantial amounts traced to the stolen funds. The condictio ob turpem vel iniustam causam applies, as the banks were enriched at Lombard's expense and the enrichment was unjustified. The credits to Manickum's accounts, whether extinguishing debts or increasing balances, may validly be reversed, and neither bank established that it was not ultimately enriched. The trustees of the inso…
Source excerpt
Meer Hardware CC v Nedbank Limited and Others (7321/06) [2008] ZAKZHC 39 (11 June 2008)
The High Court held Nedbank liable in principle for negligent misrepresentation after letters induced Meer Hardware to resume supplying Ndosi Builders on credit.
Absa Bank Bpk. v Coetzee (317/96) [1997] ZASCA 78; ; [1998] 1 All SA 1 (A); (26 September 1997)
The court held that Coetzee failed to prove ownership of the cheque and that the statutory presumption in the Bills of Exchange Act concerned possession, not ownership.
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