Land and Agricultural Development Bank of South Africa v Du Preez and Others (1373/04)
Land and Agricultural Development Bank of South Africa v Du Preez and Others (1373/04) [2011] ZANCHC 35 (25 November 2011)
The court found that the suretyship agreements were void due to impossibility of performance. The Land Bank, as creditor, was unable to cede its rights or security to the sureties because the relevant statutory provisions conferring such rights were declared unconstitutional and invalid before the liquidation of Grapex. The inability to cede the claim or security rendered performance under the suretyship agreements impossible, thereby releasing the defendants from their obligations as sureties. The court also held that the amendment to the plea introducing this defence raised a serious triabl…
Source excerpt
- Suretyship
- Impossibility Of Performance
- Cession Of Actions
- Statutory Security
- Amendment Of Pleadings