South Africa Case Law

Rawson and Another v Yacht Transport (Pty) Ltd t/a Target Cranes (AC 49/04)

Rawson and Another v Yacht Transport (Pty) Ltd t/a Target Cranes (AC 49/04) [2013] ZAWCHC 146 (17 September 2013)

Court

Western Cape High Court, Cape Town

Case number

AC 49/04

Judge

Griesel

The High Court fixed interest on a maritime damages claim at the prescribed rate, running from delivery of the original particulars of claim, not from the date of loss.

• Admiralty Jurisdiction Regulation Act
• Interest On Unliquidated Damages
• Prescribed Rate Of Interest Act
• Full Restitution
• Currency Nominalism
• Admiralty-jurisdiction

Radell v Multilateral Motor Vehicle Accident Fund (563/93)

Radell v Multilateral Motor Vehicle Accident Fund (563/93) [1995] ZASCA 35; 1995 (4) SA 24 (AD); [1995] 2 All SA 392 (A) (29 March 1995)

Court

Supreme Court of Appeal

Case number

563/93

Judges

Joubert, Nestadt, Steyn, F H Grosskopf, Nienaber

The Supreme Court of Appeal held that the trial court erred in using the exchange rate at the date of the tender to compare the value of the tender and the award. The correct approach, consistent with the principle of currency nominalism and established case law, is to use the exchange rate at the date of judgment, as that is when the award becomes payable. The court found that, when converted at the judgment date exchange rate, the award exceeded the tender. Consequently, the costs order made by the trial court was incorrect and had to be set aside. However, due to the limited record, the ap…

Source excerpt

• Costs Awards
• Currency Nominalism
• Conversion Of Foreign Awards
• Rule 34 Tender
• Exchange Rate Fluctuation

SA Eagle Insurance Co Ltd. v Hartley (119/89)

SA Eagle Insurance Co Ltd. v Hartley (119/89) [1990] ZASCA 106; 1990 (4) SA 833 (AD); [1990] 2 All SA 616 (A) (26 September 1990)

Court

Supreme Court of Appeal

Case number

119/89

Judges

Joubert, E M Grosskopf, Milne, Kumleben, Nicholas

The Supreme Court of Appeal held that the principle of currency nominalism is firmly entrenched in South African law. Accordingly, damages for past loss of earnings must be paid at their nominal value, without adjustment for changes in the purchasing power of money. The court rejected the 'Everson adjustment' as inconsistent with this principle, finding that it would improperly alter the quantum of the debt based on currency fluctuations. The court distinguished the calculation of damages for future loss of earnings, where inflation may be considered indirectly, and general damages, which are…

Source excerpt

• Loss Of Earnings
• Currency Nominalism
• Interest On Damages
• Quantification Of Damages