FirstRand Bank Bpk v Burger, Burger v Burger (517/2001, 528/2001)
FirstRand Bank Bpk v Burger, Burger v Burger (517/2001, 528/2001) [2001] ZANCHC 13 (8 June 2001)
The court found that the general notarial bond relied upon by the bank did not contain an express provision entitling the bank to take possession of the respondent's movable assets. The wording of the bond was identical to that considered in Schulenberg, which was held not to confer such a right. The court rejected the applicant's argument that possession was implied, confirming that the absence of an express clause is decisive. Consequently, the perfection application was dismissed. Regarding the sequestration application, the court found that the formal requirements of the Insolvency Act ha…
Source excerpt
- General Notarial Bond
- Perfection Of Security
- Provisional Sequestration
- Insolvent Estate
- Interpretation Of Bond Clause