Pieterse v Shrosbree and Others , Shrosbree v Love and Others (146/02 , 435/03)
Pieterse v Shrosbree and Others , Shrosbree v Love and Others (146/02 , 435/03) [2004] ZASCA 129; [2006] 3 All SA 343 (SCA); 2005 (1) SA 309 (SCA) (23 September 2004)
The Supreme Court of Appeal held that section 63 of the Long Term Insurance Act does not entitle the trustee of an insolvent deceased’s estate to the proceeds of insurance policies in preference to nominated beneficiaries. The nomination of a beneficiary under a life insurance policy creates a contract for the benefit of a third party, and upon acceptance, the beneficiary acquires enforceable rights against the insurer. Section 63 does not purport to divert the proceeds from the beneficiary to the estate, nor does it vest any interest in the trustee. Furthermore, in the Pieterse matter, the p…
Source excerpt
- Long Term Insurance Act
- Effect Of Insolvency On Life Policies
- Nomination Of Beneficiaries
- Declaratory Relief
- Stipulatio Alteri