Jacobs v De Klerk and Another (984/2019)
Jacobs v De Klerk and Another (984/2019) [2019] ZAFSHC 112 (4 July 2019)
The court found that the resignation agreement and the acknowledgement of debt relate to an underlying loan agreement that is exempted from the National Credit Act. The first defendant did not receive any loan or credit from the plaintiff; his obligation arose from his undertaking to pay the second defendant's admitted indebtedness. Applying the principles from Ratlou and Ribeiro, the agreements in question are credit guarantees, but since the underlying loan agreement is exempted from the Act, these agreements are also exempted. The plaintiff is not required to register as a credit provider,…
Source excerpt
- Acknowledgement Of Debt
- Credit Agreements Exemption
- National Credit Act
- Summary Judgment
- Credit Guarantee