Joint Stock Company Varvarinskoye v Absa Bank Ltd. and Others (164/07)
Joint Stock Company Varvarinskoye v Absa Bank Ltd. and Others (164/07) [2008] ZASCA 35; [2008] 3 All SA 130 (SCA); 2008 (4) SA 287 (SCA) (28 March 2008)
The Supreme Court of Appeal held that the appellant had proved an entitlement to the funds appropriated by Absa from account 1313. The funds were deposited for the specific purpose of paying MDM and its subcontractors, with withdrawals subject to formalities that excluded control by the sixth respondent. Absa was aware of the source and purpose of the funds and had agreed to warehouse the money for the appellant. The sixth respondent and its liquidators never asserted any claim to the funds. In these circumstances, Absa was not entitled to apply set-off against the funds, as none of its debto…
Source excerpt
- Bank Set Off
- Ownership Of Funds In Bank Account
- Agency Relationships
- Quasi Vindicatory Claim
- Trust Arrangements
- Liquidation And Creditor Rights