Botha v Standard Bank of South Africa Ltd (445/2018)
Botha v Standard Bank of South Africa Ltd (445/2018) [2019] ZASCA 108; 2019 (6) SA 388 (SCA) (6 September 2019)
The Supreme Court of Appeal held that the cancellation of the mortgage bonds after the debt became due did not alter the prescription period applicable to the debt. The prescription period is determined at the moment the debt becomes due, and the debt remains classified as one secured by a mortgage bond under s 11(a)(i) of the Prescription Act, attracting a 30-year prescription period. The court rejected the appellant's reliance on Investec Bank v Erf 436 Elandspoort, clarifying that Investec only applies where the security is cancelled before the debt becomes due. The court found that the de…
Source excerpt
- Prescription Act
- Mortgage Bond Debt
- Suretyship Liability
- Debt Classification