Frans Jacobus Kruger h/a Kruger Attorneys v Property Lawyer Services (Edms) Bpk (420/2010)
Frans Jacobus Kruger h/a Kruger Attorneys v Property Lawyer Services (Edms) Bpk (420/2010) [2011] ZASCA 80 (27 May 2011)
The Supreme Court of Appeal held that the letter of undertaking furnished by the appellant was not an independent obligation to pay the respondent regardless of the availability of sale proceeds. Instead, the undertaking was to pay the respondent from the proceeds of the sale of the properties upon registration of transfer. The factual context and the wording of the undertaking, as well as the bridging request and mandate to pay, made it clear that payment was conditional upon the receipt of sale proceeds. The cession of proceeds by the client to the respondent further reinforced that payment…
Source excerpt
- Bridging Finance
- Construction Of Undertaking
- Credit Guarantee
- National Credit Act
- Cession Of Proceeds